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Anyone can get ill and it can prevent you from working. This is why it can be useful to have Income Protection insurance so that you can continue to receive a monthly income if anything like this happens.
When the policy pays out, you will receive a lump sum in monthly payments until you are able to return to work or retire. Before you receive your payments, for the deferred period you will be expected to use some of your savings, an employee sickness scheme or some other source of income to live off. This period can be defined upon taking out your policy; the shorter the deferred period, the higher your monthly premiums will be.
Each policyholder will have a different set of terms, no two people will be the same. As your protection and mortgage broker in Hull, we will work alongside you throughout the whole process. The first step is to try and find the right policy for you and set the correct specifications so that the terms fit your personal and financial situation.
We have dealt with customers that haven’t needed their policy, however, the risk of not having one can outweigh the costs of having one. If your situation changes and you don’t have a backup in place, you may struggle to compensate for the lost income. Feel free to contact our team in Hull for more advice on Income Protection or any other kind of insurance.
A large number of employers offer this as a part of their employee benefits package, therefore, some applicants may already have Income Protection insurance in place. This means that you will not have to take out another policy unless you switch to an employer that does not offer it.
People may opt to use their savings instead of taking out Income Protection. If you choose this option, you may need to think about how you’d be able to afford living costs if you were to get ill again.
If you would rather save your money and have a policy in place to provide the payments, Income Protection could be the best solution for you.
There are other alternative policies such as Critical Illness insurance, however, this tends to cover life-long diseases or disabilities that will put you out of work for life.
Before making a decision, we recommend consulting with a qualified protection and mortgage advisors in Hull. As experienced professionals, we will evaluate your personal and financial situation, helping you find the most appropriate insurance product tailored to your specific needs.
At Hullmoneyman, we offer every customer a free initial insurance review, no matter their situation and always provide expert mortgage advice in Hull. We will go through your personal and financial circumstances and check whether Income Protection is the right option for you. Factors such as your lifestyle, age and medical history can affect the monthly premiums that you will have to pay on your policy.
Income Protection insurance can be costly, and even more so if you choose for a short deferred period with your policy. If you have other Insurance policies in place, it could be beneficial to work out the total costs and what you are covered for.
Before taking out your policy, you should be aware of the specifics, when it pays out and the conditions that come with the policy. Your Protection Advisor in Hull will help with this.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.
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from start to finish money man where there beside me every step of the way … they went above and beyond my expectations. helping with advice and signposting me to the correct places nothing was too much trouble and i wouldn’t have my mortgage...
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Your protection advisor in Hull will discuss your health history with you, gathering essential information to make well-informed decisions.
With access to a vast array of insurance products, our team will search extensively to find the most suitable coverage to protect you and your family.
Once we identify the most suitable insurance product for you, we will submit your application to the provider. On occasion, the policy provider may request additional information from us before considering your application.
For customers who have obtained their mortgage through us, we will proactively reach out to you during the remortgage process. This presents an ideal opportunity to review any existing policies you have in place.
As a specialist Mortgage and Protection Advisor in Hull, we know how important it is to have the right policy in place that has the correct terms and specifications to fit your personal and financial circumstances.
We have been helping clients for over 20 years now. Our team is trained, knowledgeable and hardworking; trying to find that perfect policy for you is our number one priority.
Your dedicated protection and mortgage advisor in Hull will be open and honest with you at all times, only recommending you a deal that benefits and suits your circumstances. From start to finish, they will be right by your side.
We have collected some excellent reviews! Take a look at what past customers have said about our service and their experience with us. Head over to our reviews page to find out more.
If you are thinking about taking out more than one insurance policy at one (menu plan), we can also help with that. Just get in touch with our team and find out more!
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Hullmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Hullmoneyman 2009–2026
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Hullmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Hullmoneyman 2009–2026
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