Call us
01242 697821

Blogs

Keep up to date with the latest news and our guides on all things mortgages. 

The importance of income protection

Income protection is a crucial aspect of personal finance that is often overlooked by many people. It is the process of securing your income in the event of unforeseen circumstances that may mean you are unable to work. These circumstances can include accidents, illnesses, or disabilities that prevent you from earning an income.          

Income protection is important because it helps provide financial security for you and your family during difficult times. It allows you to continue paying bills and can help maintain your standard of living even if you are unable to work for an extended period of time. Here are some key reasons why income protection is so important:

Provides financial security

Without income protection, you are potentially vulnerable to financial instability if you are unable to work for an extended period due to illness, injury or disability and your employer does not provide full sick pay. If you do not have an emergency fund, you may not be able to cover your expenses, which can lead to accumulating debt, missed payments, and even foreclosure or eviction. Income protection can help provide you with a safety net, allowing you to maintain your standard of living while you focus on recovering.

Helps maintain your lifestyle

Income protection can help you maintain your lifestyle by providing you with a regular income that you can use to pay your bills and other expenses. This means you can continue to pay your rent or mortgage, buy groceries, and cover other essentials. This is especially important if you have dependents who rely on your income.

Reduces stress

When you are unable to work due to illness or injury, it can be a stressful and overwhelming time. Income protection can alleviate some of this stress by providing you with a financial safety net. This allows you to focus on your recovery and rehabilitation without worrying about your finances.

Can cover more than just physical disabilities

Income protection can also cover mental health conditions and other non-physical disabilities that may prevent you from working. For example, if you experience severe anxiety or depression that prevents you from working, income protection can provide you with financial support.

Can be customised to your needs

Income protection policies can be customised to your individual needs, providing you with the flexibility to choose the coverage that suits you best. You can choose the amount of coverage you need, the length of time you want to be covered, and other options to tailor the policy to your specific circumstances.

Income protection is a crucial component that can provide you with financial security and peace of mind during difficult times. By securing your income in the event of an unforeseen circumstance, you can maintain your lifestyle and focus on your recovery without worrying about your finances. It is important to consider income protection when creating a financial plan and to consult with a broker to determine the most suitable coverage for your needs.

Related

First-Time Buyers: Frequently Asked Questions

First-Time Buyers: Frequently Asked Questions

Do you know the difference between a fixed and a variable mortgage? Have you heard of 'loan to v...

Read More >
CASE STUDY: Income Protection - Sharon's story

CASE STUDY: Income Protection - Sharon's story

It can be difficult to see the reasons we may look at Income protection as a necessary expense rathe...

Read More >
How to fund a home reno

How to fund a home reno

Whether you're dreaming of a modern kitchen, a luxurious bathroom, or expanding your living spac...

Read More >
Beating the hospital waiting list

Beating the hospital waiting list

With a record of nearly 7.5 million on the waiting list for hospital treatment*, it’s no surprise t...

Read More >
Winter sun seeking for the over 55s

Winter sun seeking for the over 55s

Taking extended breaks during the Winter has always been popular due to the enticing 'off-peak&#...

Read More >
Why the need for money from our homes in retirement is changing

Why the need for money from our homes in retirement is changing

When it comes to money tied up in your home and unlocking this, there are a range of reasons why Lif...

Read More >

What our clients say...

Latest Blog

Key Changes to Stamp Duty

As of April 1, 2025, significant changes to the UK's Stamp Duty Land Tax (SDLT) have come into effec...
Read More

Here are some tips for managing bills and finances when you don’t have a regular income

Managing money and bills self-employed can feel like a juggling act. Especially since you don't have...
Read More

Look after your health to ensure you are ready to work

Managing money and bills self-employed can feel like a juggling act. Especially since you don't have...
Read More

Is equity release available for the self-employed?

Are you self-employed, retired, or unemployed and looking for equity release? Are you wondering if y...
Read More

Why income protection & critical illness cover are extra important for the self-employed

If you're self-employed in the UK, income protection and critical illness cover are extra critical. ...
Read More

Do you need extra building and content insurance policies in place if you work from home?

Maybe you've spent a bit of time putting together your business. Now everything is going well, you w...
Read More

Can I get a mortgage if I’m self-employed? Plus other commonly asked employment questions

Work habits in the UK continue to evolve and change. And so, the mortgage industry is addressing con...
Read More

Health Insurance and Buying a New Home: Why They Go Hand in Hand

Buying a new home is an exciting milestone but also a significant financial commitment. While health...
Read More

Selling this spring? Top tips to get your house ready for sale!

Firstly, let’s ask, how does your house look from the street? First impressions are so important wh...
Read More

What insurance do you need to buy a home?

Are you buying a home in 2025? You’ve sorted out your finances, found the perfect home to buy, and ...
Read More


Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


  • Back to top