Life and work don’t always go according to plan so it pays to prepare for the unexpected. That’s why CreditLadder and Eleos have come together with an exclusive offer to protect your earnings. Now you can get income protection insurance with the first 3 months’ premiums free plus a £10 Amazon voucher.

Protect your income from £5.03 a month*

Income protection is an insurance policy that pays you a replacement income if illness or injury forces you to stop working. It means you never have to worry about how to pay your bills should the worst happen.

What does it cover?

Any kind of physical or mental illness or injury that makes it impossible for you to work, such as chronic back pain and accidental injury or the mental turmoil that can follow a relationship breakdown or the loss of a loved one. If you’re signed off work by a medical professional you can make a claim.

Why do I need it?

Income protection is the only insurance that pays you so you can cover your essential expenses when you can’t do your job. It lets you focus on your recovery instead of money worries and can even shorten the time it takes to get better.

What about sick pay?

If you’re employed you’re entitled to Statutory Sick Pay, which is currently £109.40 per week, rising in April 2024 to £116.75. Even with the increase, that’s only a little over £500 a month, which is less than half of the national average rent price alone. If you’re self-employed, Employment and Support Allowance is scarcely any better.

It won’t happen to me

Of course we all hope that’s true, but the reality tells a different story. The latest government figures confirm that 2.8 million are off work due to long-term sickness, half of them because of mental health problems. Income protection insurance is a cost-effective way to ensure peace of mind and leave your hard-earned savings untouched.

I’ll think about it later

You can’t predict the unexpected, but you can plan for it. Insuring your income now means not having to worry if you get too sick to work later. Three quarters of people who apply for income protection insurance do so when it’s too late, because they’ve already been hit by an illness or injury that stops them from working or threatens to do so in the future. If you wait until it’s happened, you can’t get the financial support you might need.

Ok, how do I get a quote?

You can decide for yourself how your insurance policy is set up, with your own personalised options available by clicking here. Quotes start from just £5.03* a month. As an exclusive offer, CreditLadder customers will get their first 3 months’ premiums for free, plus a £10 Amazon voucher**.

This article has been written for information purposes only and provides general guidance on income protection - it should not be taken as personalised advice.

*This is an illustration based on a 30-year-old who earns £30,000 a year and buys £370.00 monthly cover.

**3 months of premiums and £10 Amazon voucher payable after 4 monthly premiums have been paid.

Remember, CreditLadder can help you improve your credit score.

Tenants can improve their credit score without having to borrow money. If you want to improve your credit position by reporting your rent payments, CreditLadder is the first way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva.

CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

CreditLadder is introducing you to Eleos. CreditLadder does not select or finalise the insurance contract, explain policy terms or communicate with the insurer. Eleos is responsible for providing you with key information about the policy, displaying policy quotations and arranging for you to enter into the contract of insurance with the underwriter. Eleos Life Limited (FRN: 998550) is authorised and regulated by the Financial Conduct Authority.