Why do letting agents need income protection?
If illness or injury prevents a letting agent from working, income stops — particularly for those on commission-based pay. Income protection provides monthly payments to replace the majority of your income, giving you financial security during recovery without depleting your savings.
How does income protection work for letting agents?
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 letting agents?
Letting agency work is usually Occupation Class 1 for income protection — attracting competitive premiums. A healthy 35-year-old letting agent 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. Letting agency work is usually Occupation Class 1 for income protection — attracting 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.