Income Protection: What Does Martin Lewis Think?

Who Is Martin Lewis?

Martin Lewis is the founder of popular website, Money Saving Expert. Founded in 2003, it covers everything from bills and mortgages to savings, budgeting and insurance. He’s also a campaign journalist, TV show host and charity founder.

Why Should I Trust Martin Lewis?

Money Saving Expert has been around for over two decades. It’s gained authority and credibility, becoming the UK’s most popular consumer finance website. His work is thoroughly researched and supported by experts in the field.

Alongside this, he’s the founder of several charities and has been the voice of change for many campaigns. Such campaigns include The Energy Bill Campaign, fighting against unfair energy prices, and The Student Finance Campaign, advocating for changes in tuition fees.

Now, it’s worth highlighting Martin Lewis isn’t an Income Protection expert. This doesn’t mean you shouldn’t trust his viewpoint, though, as his work is always researched and he ensures the right people are involved.

It’s always best to seek professional financial advice from the experts. Our advisers at Drewberry™ understand the ins and outs of Income Protection, working with providers and these policies every day. Get in touch if you’d like some help by calling 02084327333 or email help@drewberry.co.uk.

Martin Lewis’ Thoughts On Income Protection

Generally, Income Protection comes highly recommended. It’s a financial safety net for you and your family should you be unable to work and earn a living. It helps to relieve any financial burden you might experience during what’s already a difficult time.

Here are some of Martin Lewis’ thoughts on Income Protection…

Speak To The Experts

Martin Lewis recommends working with a broker to set up Income Protection. Brokers are experts within their field, meaning they can help ensure you buy the right policy for your needs. They have in-depth knowledge of the providers and the types of policies available, placing them in a great position to give advice and recommendations.

Our team of experts are here to help you. We’ll chat through your options and get a better understanding of your situation. From there, we can search the UK Income Protection market on your behalf.

As brokers, we have direct access to the insurers and underwriters. This gives us bargaining power, helping to negotiate the best terms for the best price.

Alex Weir
Independent Protection Expert

Be Honest In Your Application

When applying for Income Protection, insurers typically request information about your health and any past issues you’ve suffered from. The reason insurers ask for disclosure is so they can provide the right coverage.

Failure to disclose a pre-existing medical condition could result in a denied claim. The insurer might not pay out. So, it works in your favour to be honest in your application. And it helps our advisers to find you the right policy with the best terms for your circumstances.

Policies Don’t Cover Your Full Salary

Martin Lewis emphasises the fact Income Protection will not cover your entire salary. It’s important to remember this when setting up a policy.

It’s designed to cover a portion of your income, so if you’re off work because of your health, you can continue paying your core monthly outgoings. Most insurers cover up to 70% of your pre-tax income. This applies to all applicants.

Your Occupation Matters

What you do for work has an influence on your Income Protection policy. Some jobs are naturally riskier than others. If you’re a manual worker, for example. You’re more at risk of workplace accidents and injuries than an employee in an office-based role.

You’ll be asked what you do for work when you apply for Income Protection. This helps insurers to price your policy. If you work a job deemed high risk, you’ll pay more for cover.

There are specialist Income Protection policies for different occupations. For instance, if you’re self-employed. Insurers have also designed plans for company directors, doctors, and pilots. At Drewberry, we can help compare Income Protection policies and ensure the one you buy fits your needs and budget.

Martin Lewis: Income Protection Insurance Vs Critical Illness Cover

There are two products most people consider when thinking about protecting their income; Income Protection Insurance and Critical Illness Cover.

Income Protection is designed to pay out a monthly sum if you can’t work due to accident or illness. Whereas Critical Illness Cover pays out a single tax-free lump sum if you’re diagnosed with one of the critical conditions listed on your policy.

Both help with your finances, however, which one is best for you is dependent on your reasons for getting cover. We recommend long-term Income Protection to most people, as the regular payments are there to cover your essential outgoings while you can’t work.

Critical Illness Cover is a little different. You will get a single payment only if you’re diagnosed with a specific condition. And you can only claim once. With Income Protection, you can claim for any medical reason that prevents you from doing your job. You can also claim more than once.

For more insight, read our Income Protection Vs Critical Illness Insurance guide.

Compare Income Protection Policies And Get Expert Advice

As you can see, there’s plenty to consider when getting an Income Protection policy. It can easily become complex and confusing, especially when you consider some of the language used within the insurance industry.

With this in mind, our team is here to help. We’re qualified advisers, supporting many clients with their Income Protection application. We can help find you the most suitable policy for your needs and budget. Give us a call on 02084327333 or email help@drewberry.co.uk, we’ll be happy to help.

Why Speak to Us?

We started Drewberry™ because we were tired of being treated like a number.

We all deserve a first class service when it comes to issues as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

• There is no fee for our service
• We are an award winning 🏆 independent insurance broker who works with all the leading UK insurers
• You’ll speak to a dedicated expert from start to finish
• We are very proud of the 3884 and growing independent client reviews rating us at 4.92 / 5
• Claims support when you need it most.
• We are authorised and regulated by the Financial Conduct Authority. You can find us on the financial services register here 🧐