INSURANCE GUIDES
Income Protection
Insurance -GoMortgage®
Because if you can’t work, your mortgage still needs paying, your bills still exist, and life still happens.
At GoMortgage we believe protection isn’t just about getting the mortgage—it’s about keeping the mortgage, supporting your family, and giving you peace of mind if things go off-plan.
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Insurance Guides
What is Income Protection Insurance?
Income protection insurance pays out a monthly tax-free benefit if you’re unable to work due to long-term illness or injury.
It’s different to critical illness cover (which pays a lump sum on a specified condition) and life insurance (which pays on death) – income protection steps in when you’re alive but can’t work.
Why you should consider it alongside your mortgage
- Your mortgage commitments don’t pause if you’re ill or Regular bills, living costs, and property costs keep coming.
- Statutory sick pay for employees is limited (in many cases less than £120/week) and if you’re self-employed you may not have much cover at all.
- For self-employed clients or those with irregular income (which many of your mortgage clients are), this cover becomes even more important.
- Having income protection allows you to protect your home and avoid putting strain on your family if you can’t earn for a period.
What this cover typically includes - and what to watch out for
What it includes
- Payments typically cover around 50%-70% of your pre-tax salary (depending on policy) if you cannot work due to illness or injury.
- You choose a “deferred period” (waiting time) from when you stop work to when payments The longer the delay you accept, the lower your premium may be.
- Cover can extend until retirement age (e.g., age 65 or 70) or end of policy term, depending on your choice.
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What to watch out for
- Many policies exclude redundancy – so if you stop working due to losing your job (rather than illness/injury) you may not be covered.
- Policies vary in how “unable to work” is defined – some require you to be unable to do any job, others based on your own occupation.
- If you have a thin or complex income profile (self-employed, part-time, irregular), the underwriting can be tougher but we’ll guide you on this.
- Premiums depend on age, health, occupation, waiting period, and how much cover you need.
How GoMortgage helps you choose the right income protection cover
- We take a full view of your situation: mortgage amount, term, income type (salary, self-employed, dividends), family dependants, and lifestyle.
- We clarify your essential cover (what you must have to protect the mortgage) and optional extras (what you should consider if you can afford it).
- We compare specialist insurers – not just the usual high-street options- to find policies suited to complex income or credit backgrounds.
- We help you integrate the cover into your mortgage plan, so the protection starts when you move in, or at remortgage/offer stage, rather than as an afterthought.
- After placement, we diarise a review date (usually annually or if your income changes) so your cover keeps pace with your life.
Next steps - How to get started
- Book a free protection review with
- Gather your details: current income (employed/self-employed), mortgage amount/term, other commitments, dependants.
- We’ll provide you with a shortlist of suitable income protection policies, explain costs vs benefits, and help you select the right one.
- We’ll ensure your cover is in place in time for your mortgage completion (or remortgage date) so you’re protected when you most need it.
- We’ll set a future review date – income, debt and life plans change; your cover should too.
📞 Call us today on 01253 935050 for your free protection review.
Let GoMortgage help you protect your income, your home, and your future.
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Author: Chris Days Head of Content
- 5 Mins
- Updated: Nov 5 2024
Frequently Asked Questions
Do I need income protection if I already have life insurance or critical illness cover?
They each cover different risks:
- Life insurance covers if you die.
- Critical illness covers some named illnesses with a lump sum.
- Income protection covers your income if you cannot assess.
Depending on your situation, you may need one, two or all three. We’ll help you assess.
Can I take income protection if I’m self-employed?
Yes – many insurers offer cover for self-employed individuals, but they will examine your income a little more closely (past accounts, stability, sector). We’ll help you navigate the detail.
How long until the benefit starts after I stop working?
You pick your deferred period – often from 4, 8, 13, 26 weeks (or more) depending on the policy. You’ll want to ensure you can bridge cashflow until benefit begins.
Will the benefit cover the full mortgage payment?
Not always. Policies typically cover a percentage of your income (50-70%). We’ll help you decide how much cover you need — often focusing on the mortgage plus household essentials, not your full salary.
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