Income protection is often misunderstood. Many people still rely on guesswork or assumptions when thinking about what happens if illness or injury stops their income.

Myth 1: Income protection is just for salaried employees.

Self-employed people often need income protection the most. They have no employer sick pay to fall back on. Income protection can be tailored for freelancers, sole traders and business owners. It helps keep money coming in and covers essential costs.

Myth 2: My employer gives me sick pay, so I don’t need it.

Even the most generous of employer sick pay schemes may not cover long term illness or injury. Once that stops, Statutory Sick Pay is currently just £118.75 per week and only lasts 28 weeks. Income protection fills the gap when Government sick pay falls short.

Myth 3: State benefits will cover me.

State support is limited, means-tested and slow to arrive. Universal credit rarely matches a regular wage. Income protection offers reliable payouts that don’t depend on your household circumstances.

Myth 4: Income protection is expensive.

Income protection can be flexible. You can choose how long payments last and when they start. Your job and health will also affect the cost. Many people are surprised by how affordable the insurance can be, especially when taken out at an early age.

Myth 5: I’ll just save instead.

Savings take years to build and can quickly disappear if covering wages. Income protection can replace months, even years of lost earnings. Savings and insurance work best when paired together.

Myth 6: Insurers won’t pay out.

Some people worry that claims won’t be honoured. But the facts tell a different story.

Myth 7: It only covers serious long-term illness.

Short-term conditions count too. If you’re unable to work due to illness or accident, whether for weeks or months, income protection can help. Short-term absences happen more often than people think, and income protection can help maintain stability.

Myth 8: I have life insurance, so I don’t need income protection.

Life insurance and income protection serve very different purposes. Life insurance pays out when you pass away. Income protection protects you while recovering and helps to pay everyday bills. They work differently to protect you.

Myth 9: I’ll never need income protection because I’m healthy.

Good health is no guarantee. Most claims come from accidents or short-term illnesses. Taking out income protection at an early age helps keep monthly payments lower, giving you more options.

A person’s income is their most valuable asset. It supports their family, builds their life and protects their home. Yet myths like these often prevent people from taking out cover.

Breaking down these misconceptions helps everyone make informed choices. Income protection isn’t just for worst case scenarios, it’s about maintaining stability, independence and peace of mind.

Get in touch with our friendly and knowledgeable team for more information.