Why do insurance brokers need income protection?
If illness prevents an insurance broker from working — whether through a physical condition or a cognitive health issue — income protection provides monthly payments until you recover. For self-employed brokers or those without generous employer sick pay, this cover is one of the most important financial products available.
How does income protection work for insurance brokers?
Income protection pays a monthly benefit — typically 50–70% of your gross income — if you're unable to work due to illness or injury. Payments continue until you return to work, reach the policy end date, or die.
How much does income protection cost for insurance brokers?
Insurance broking is usually Occupation Class 1 for income protection — offering the most competitive premiums. A healthy 35-year-old insurance broker looking for £1,500/month benefit typically pays £25–£55/month depending on the deferred period and occupation class.
Own occupation vs any occupation
Always aim for "own occupation" cover — this pays out if you cannot perform your specific job. "Any occupation" cover is much harder to claim on and is generally not recommended.
Frequently Asked Questions
Occupation class is a key pricing factor for income protection. Insurance broking is usually Occupation Class 1 for income protection — offering the most competitive premiums.
Long-term policies pay until you return to work or retire. Short-term policies (1–2 years per claim) are cheaper but provide less protection.
Yes — income protection is especially important if you're self-employed, as there is no employer sick pay to fall back on.