Income Protection: Your Most Valuable Asset is You

If the paycheck stopped next month, how long could you survive?

We insure our cars, our homes, our pets, and even our mobile phones. Yet, we often forget to insure the one thing that pays for all of them: Our Income.

Your ability to earn money is your greatest asset. If you are 30 years old and earn £30,000 a year, your future earnings until retirement are worth over £1 million.

At I J Mortgage Solutions, we believe that protecting that £1 million asset is just as important as arranging your mortgage. Income Protection is your personal safety net, ensuring that if you can't work due to illness or injury, the bills still get paid.

The Reality of "Sick Pay

Many people rely on the State or their employer to look after them. But have you checked the numbers?

Statutory Sick Pay (SSP): Currently, the government pays just over £116 per week (subject to change). For most families, this barely covers the food shop, let alone the mortgage and utilities.
Employer Sick Pay: Even generous employers usually only pay full salary for 3 to 6 months. What happens if your recovery takes a year? Or five years?

Income Protection fills this gap. It pays you a tax-free monthly income until you are well enough to return to work, or until you retire.

How We Tailor Your Policy

WIncome Protection isn't "one size fits all." As independent advisers, we tweak the policy levers to suit your budget and your job.

1. The "Own Occupation" Definition

This is the most critical advice we give.

Budget Policies often use "Any Suited Occupation." Example: If a Surgeon injures their hand, the insurer might say, "You can't do surgery, but you could work in a call centre, so we won't pay you."
Our Policies use "Own Occupation." If you cannot do your specific job (the one you are trained for), the policy pays out. Period.

2. The Deferral Period (Waiting Period)

To keep costs down, we link the policy to your existing sick pay.

If you get 3 months' full pay from work, we set your Income Protection to kick in after 3 months.
Self-Employed? We can set it to start after just 1 week or 4 weeks

3. Short-Term vs. Full Term

Full Term: Pays you right up until retirement age (e.g., 67) if you can never work again.
Short Term (Budget Option): Pays you for a maximum of 1 or 2 years per claim. This is a great lower-cost alternative that still covers the immediate crisis.

Specifically for the Self-Employed

If you work for yourself, "No Work" usually means "No Pay."

Self-employed people are the most vulnerable to illness and injury. We specialize in arranging Income Protection for:

Sole Traders: Basing cover on your Net Profit.
Company Directors: Basing cover on your Salary plus Dividends.
Contractors: We can often protect a portion of your contract value.

Don't risk your business and your home. Let us build a safety net that keeps your household running even if you are laid up.

Income Protection vs. Critical Illness

"I already have Critical Illness cover. Do I need this too?"

Yes, they do different jobs.

Critical Illness pays a Lump Sum to pay off debt (e.g., the mortgage).
Income Protection pays a Monthly Salary to pay the ongoing bills (Council Tax, Utilities, Food, Fuel).

Ideally, a robust protection plan includes a mix of both.