Whenever I talk to clients about Income Protection, the reaction is almost always the same:
“Oh, I don’t think I really need that.”
or
“I’m sure I’ve already got something like that with work.”
or
“I’ll be okay — it won’t happen to me.”
But the reality is very different, and the statistics in the November Protection Pulse report back this up loud and clear.
So today, I’m breaking down the five biggest myths I hear — and explaining what people actually need to know about protecting their income. Because at the end of the day, your ability to earn is the very thing that pays for your mortgage, your bills, your food, your holidays and your lifestyle.
Let’s get into it.
Myth 1: “I’ve got enough savings to fall back on.”
This is one of the most common responses I hear. But the numbers tell a different story.
The average UK household spends £567.70 per week. That means even a healthy emergency fund could disappear faster than expected if you suddenly stopped earning.
And according to the report, 22% of people don’t have enough savings to cope with a financial emergency .
Savings run out.
Income Protection doesn’t.
Myth 2: “If I get ill, the State will look after me.”
I wish it were true, but the support available is far more limited than most people realise.
The maximum Employment and Support Allowance for eligible workers is now just £92.05 per week. And that’s if you qualify — many don’t .
Imagine trying to cover:
- Your mortgage
- Utilities
- Food
- Transport
- Children’s costs
Council tax
…on less than £100 a week.
It simply isn’t realistic.
Myth 3: “It won’t happen to me.”
This is something we all naturally think.
But the data says otherwise.
An estimated 2.5 million people in the UK are currently unable to work due to long-term sickness .
And 59% of people say they’re worried about what would happen to their income if they suddenly couldn’t work.
These aren’t tiny numbers — they represent millions of real families under financial pressure through no fault of their own.
Myth 4: “I’m covered through work.”
Some people are — but many have far less cover than they assume.
Statutory Sick Pay (SSP), for example, is just £118.75 per week, and it’s only paid for up to 28 weeks .
A lot of employers don’t offer enhanced sick pay.
Some offer it for a short period only.
Some offer nothing at all.
Even where cover exists, it often doesn’t match the mortgage, bills or lifestyle a family needs to maintain.
Income Protection bridges that gap so you don’t have to rely purely on employer generosity.
Myth 5: “I think I’ve already got something like that in place.”
This is incredibly common, especially among first-time buyers.
People often confuse:
- Life Insurance
- Critical Illness
- Income Protection
- Mortgage Payment Protection
- Sick pay from work
…when in reality, they all do different things.
And here’s the worrying statistic from the report:
53% of people have never heard of Income Protection or don’t know what it actually is .
So it’s no surprise that so many people feel unsure.
So, what does Income Protection actually do?
It replaces a percentage of your income (typically 50%–70%) if you’re unable to work due to illness or injury.
It keeps the roof over your head.
It keeps the lights on.
It keeps food on the table.
It keeps life functioning.
For many families, it’s the difference between stability and crisis.
Why Income Protection matters now more than ever
The Protection Pulse report highlighted something that really hit home:
Economic uncertainty is having a big emotional impact on financial decisions, especially for younger generations .
When life feels unpredictable, having a plan feels even more important.
And Income Protection is part of that plan — not as a luxury, but as a practical safety net.
My approach as an adviser
I’ll always be honest with you.
Income Protection isn’t about selling a policy.
It’s about stepping back and asking one simple question:
“If your income stopped tomorrow, what would you want to happen?”
Most people answer with something like:
“I’d want my home and family to be safe while I recovered.”
That’s exactly what this type of cover is designed to do.
If you’re not sure what cover you currently have — or whether it would be enough — I’m here to help you make sense of it all. No jargon, no pressure.
