Why do mortgage brokers need income protection?
Commission-based income can be volatile — and a period of illness can mean months without earnings. Income protection provides monthly payments of up to 70% of your income if you're unable to work, giving mortgage brokers the financial stability to recover without depleting savings or missing business commitments.
How does income protection work for mortgage 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 mortgage brokers?
Mortgage broking is usually Occupation Class 1 for income protection — the most competitive pricing tier. A healthy 35-year-old mortgage 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. Mortgage broking is usually Occupation Class 1 for income protection — the most competitive pricing tier.
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.