Income Protection Insurance | SNS Mortgages & Financial Services
Income protection isn’t something most people enjoy thinking about — but when you’re taking on a mortgage, it becomes one of the most important forms of financial security.
Your mortgage depends on your income arriving every month. Income protection is designed to step in if that income stops due to illness or injury — helping you stay financially stable while you recover.
At SNS Mortgages & Financial Services, we help you understand how income protection fits alongside your mortgage and overall financial plan.
What Is Income Protection?
Income protection is an insurance policy that pays you a regular monthly income if you’re unable to work due to illness or injury.
This income can help cover:
- Mortgage payments
- Household bills
- Everyday living expenses
Payments continue until:
- You return to work, or
- The policy term or benefit period ends
What Does Income Protection Cover?
Income protection isn’t just for extreme situations — it’s designed for real-life scenarios.
It typically covers:
- Serious illnesses (e.g. cancer, heart attack, stroke)
- Back and joint problems
- Injuries and accidents
- Stress, anxiety, and mental health conditions
In reality, many claims come from common conditions that prevent people from working for extended periods.
Why Income Protection Matters
Your mortgage doesn’t pause if your income stops.
Consider:
- Employer sick pay is often limited
- Some people receive no sick pay at all
- Savings can run out quickly
Income protection helps:
- Replace lost income
- Maintain financial stability
- Prevent short-term illness becoming a long-term financial issue
How Much Income Can Be Covered?
Most policies cover up to:
- 60–65% of your income
You don’t have to insure the full amount. Many people choose to cover:
- Just their mortgage
- Or mortgage + essential bills
This flexibility allows you to balance protection with affordability.
Deferred Periods (When Payments Start)
Income protection doesn’t have to start immediately.
You choose a deferred period — the time before payments begin.
For example:
- 1 month
- 3 months
- 6 months
Aligning this with:
- Sick pay
- Savings
can reduce your premiums and avoid overlap.
How Long Does It Pay Out?
Policies can be structured in different ways:
- Short-term cover – pays for a set period (e.g. 1–2 years per claim)
- Long-term cover – pays until retirement if needed
The right option depends on your budget and how much long-term protection you want.
How Much Does Income Protection Cost?
The cost depends on several factors:
- Age
- Health and medical history
- Occupation
- Income level
- Length of cover
- Deferred period
You can adjust:
- The level of cover
- When it starts
- How long it lasts
to create a plan that fits your budget.
Why It’s Often Overlooked
Many people insure:
- Their car
- Their phone
- Their home
But not their income — which pays for everything else.
Income protection is often ignored until it’s needed, at which point options may be limited.
Why Choose SNS Mortgage?
At SNS Mortgage, we make income protection simple and relevant to your situation.
We:
- Explain how cover works in plain English
- Compare policies across the market
- Tailor cover to your mortgage and lifestyle
- Help balance protection and affordability
- Provide honest advice without pressure
We focus on protecting what matters most — your income.
Get Started with SNS Mortgage
If you’re arranging a mortgage, it’s the perfect time to consider income protection.
Speak to SNS Mortgage today and we’ll help you put the right cover in place — so you’re protected if life takes an unexpected turn.
FAQs
How does income protection work?
It pays a monthly income if you’re unable to work due to illness or injury.
Is it the same as critical illness cover?
No — income protection pays ongoing income, while critical illness pays a one-off lump sum.
Do I need a broker for income protection?
Not required, but a broker can compare options and tailor cover to your needs.
How much does it cost?
It varies based on your profile, but policies can be tailored to fit different budgets.
