Who we are

Robin Mortgage Design are a whole of market mortgage & protection brokerage. Mortgage brokers who are whole of market have access to the largest pool of mortgage providers such as banks, building societies and pure mortgage lenders. When you choose us, you’ll be treated as an individual from the very start. We’ll take the time to understand your situation and propose suitable options for your mortgage & protection needs.

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On this page, we’ll share information to help you decide if Income Protection cover is right for you. If you’d like to speak with an actual human at any point, then we can get you in touch with your personal mortgage and protection consultant who will be on hand to guide you through every stage of your journey.

At Robin Mortgage Design, we don’t charge a fee for arranging Income Protection, making the important things more affordable for everyone.

What is Income Protection?

Income Protection is a type of cover you take to protect you against a loss of income. This could be because of an accident or sickness. If you have to take time off work then this policy will pay a monthly benefit to help towards your costs until you are ready to return to return to work.

What is the benefit of Income Protection Cover?

This will depend on personal circumstances, but let’s take a look at an example. Take a family with 2 parents and 3 children. If one of the parents was diagnosed with an illness it might have an impact on finances, such as loss of employment. What happens to the family? Does the other parent have enough money to pay for the bills, the mortgage, and still pay for the children's after school clubs? This is where Income Protection cover comes in; with a monthly sum of money, the family would be able to continue to meet their financial commitments and the kids can still enjoy their after school clubs.

How does Income Protection work?

Income Protection is a great product, but before you go online and take the cheapest cover you can, you might want to consider how the different options work.​

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Depending on your budget, you could have cover to protect you for a year or until retirement and it could cover you from day 1 of being off work for up to 24 months. The longer you wait before taking the benefit, the cheaper the policy becomes.  ​

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If you have sick pay that covers you for up to 6 months, then you could consider deferring your policy for 6 months. If you received half pay for another 6 months, then you could consider a split policy which pays out after 6 months and then after 12 months.​

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When taking any form of Income Protection, it's always a good idea to check what you have and seek advice from a qualified adviser.

Are my premiums guaranteed?

This is an excellent question and worth double checking before you commit to any type of insurance.​

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Most types of cover offer guaranteed premiums, but this term can be used for a variety of policy types. Let’s look at some of these now:​

Guaranteed Premiums: Your premiums will remain the same throughout the term of the policy.​

Guaranteed Age Costed Premiums: This is where your premiums will increase with your age at a guaranteed rate, usually increasing yearly. They tend to start off cheaper but can become rather expensive as the years go on.​

Reviewable Premiums: This is where your premiums are reviewed, usually every 5 years. The review can consider a variety of things, claims and medical history being some of these. If your policy has reviewable premiums, make sure you understand the full terms of the policy before committing.

Why not see the difference it makes?

Seven Families was a charity-led campaign to provide a tax-free income for one year to seven people who had lost their income because of a serious or long-term illness or disability. The aim of the campaign was to highlight the need for people to plan financially in case they become too ill to earn an income. The charity Disability Rights UK worked with seven families where the main breadwinner had been forced out of work by an accident or illness and had not received any related insurance pay-out. ​

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You can see the stories of these seven families here: 

www.7families.co.uk

My premiums increased, what does that mean?

If your premiums increased after your application, it’s likely that the provider sees you as an increased risk. This could be because of a number of things including your age, occupation, hobbies or medical history.​

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If you’ve had your premiums increased, then you consider the reasons why and see if another provider is more suitable for you.

How much does Income Protection cost?

This is a good question. If you’re 18 and have a perfect bill of health, it can be as little as £6.00 per month. As your age creeps higher, the more extreme your hobbies or occupation or if any hiccups in your medical history occur, then you can pay in excess of £100 per month. ​

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When considering any type of insurance, it’s important to remember why you’re taking it and only take what you need. This will help to make sure that the level of cover you have and cost of the cover is worth it.​

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Think.... Does the benefit of having the cover outweigh the savings, if you didn't have it?

How likely is Income Protection cover to pay out?

There is a misconception that insurance companies don't like to pay out when the time comes. However, Income Protection has a good record of paying on claims with some providers paying out on over 83% of claims in 2019, and one provider alone paying in excess of £730 million in 1 year.

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Always make sure you’re truthful on the application, any false information can cause the insurer to decline the claim.