Most people don’t expect to be off work long-term due to illness or injury.
It’s one of those things that feels unlikely until it happens. But if your income stopped tomorrow, would your mortgage still get paid? Would your bills still be covered?
For many homeowners in Romford and across Essex, the answer is no.
The reality is, most households rely heavily on a regular income. Without it, things can quickly become difficult financially.
Income protection can be relevant for most people who rely on their income to keep things running. If you’re self-employed, you’re unlikely to receive any sick pay at all, which means your income could stop immediately if you’re unable to work. If you’re employed, you may receive sick pay, but in many cases it only lasts for a limited period before it reduces or stops altogether.
For many households, especially those with a mortgage, regular income is what everything depends on. If that income stops, it can quickly put pressure on finances. Having something in place to protect it can help keep things steady and avoid unnecessary stress if you’re unable to work for a period of time.
At CW Mortgages I help clients across Essex understand how income protection supports their long-term goal of owning their home, by helping keep mortgage payments covered if they’re unable to work.
When I speak to clients, I often hear the same things:
- “I’ll be fine, I get sick pay for 8 weeks”
- “Statutory sick pay will cover me”
- “It won’t ever happen to me”
The reality is very different. For 28 weeks statutory sick pay is just over £100 per week, which for most people doesn’t even come close to covering basic outgoings, let alone a mortgage and basic bills. Even where employer sick pay is available, it is often only paid for a limited period before dropping off.
At that point, many people are left trying to figure things out at exactly the wrong time.
Income protection is designed to pay you a monthly income if you are unable to work due to illness or injury.
It provides a financial safety net that helps you keep up with your essential commitments while you focus on recovering.
This can include things like:
- Your mortgage payments
- Household bills
- Food and everyday living costs
- Childcare costs
It’s not about making you better off financially. It’s about keeping your situation stable and avoiding unnecessary stress during what is already a difficult time.
One of the biggest gaps I see is that people are very good at insuring physical things, but not their income.
Most people have cover in place for their home, their car, and even smaller things like phones or appliances.
But your income is what pays for all of those things.
If that income stops, everything else becomes a problem very quickly. Mortgage payments still need to be made, bills still need to be paid, and daily life doesn’t suddenly become cheaper.
This is why income protection is so important. It protects the thing that everything else depends on.
A simple question I often ask clients is this:
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How long could you realistically manage if you had no income coming in?
For some people, savings might cover a few months. For others, it may only be a few weeks.
Beyond that, many people would have to rely on credit cards, loans, or support from family. That can quickly lead to longer-term financial pressure that is difficult to recover from.
Thinking about this in advance helps you understand whether you have a gap and whether something like income protection could make a difference.
REAL EXAMPLE: How Income Protection Supported a Romford Optician
A client I work with who lives in Romford, a self-employed optician with a young family, and a mortgage. Like many people he had regular income, and everything was running as normal. Protection wasn’t something he had prioritised at first, as nothing had ever gone wrong.
Over time he began to experience ongoing back problems, this was due to the physical nature of his work. He was 36 years old. Long hours on his feet and repetitive strain gradually made things worse. What started as discomfort eventually developed into a more serious issue. The condition reached a point where he was no longer able to work, which meant his income stopped completely.
Fortunately he now had income protection in place, and after his deferred period, the policy began paying him a monthly tax-free income.
This meant his mortgage continued to be paid, his household bills were covered, and his family’s day-to-day life remained stable while he focused on recovery. Without this cover in place, the situation would have been very different. He would likely have had to rely on savings or borrowing, which would have added significant financial pressure at an already difficult time.
This is exactly what income protection is designed for. Not something you think about day to day, but something that makes a real difference when you actually need it.
If you rely on your income to pay your mortgage and support your family, it’s essential to have a plan in place if that income stops.
If you rely on your income to pay your mortgage and support your family, having the right protection in place can make sure everything stays on track if life doesn’t go to plan. You can contact Ian Smith to go through your situation and see what options are available, with no pressure.
