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Is Income Protection Insurance Right for You?
If you would struggle to make ends meet if you were unable to work due to injury or illness, you should consider income protection insurance. Almost a million people every year are unable to work due to injury or illness, and most of them cannot cover their expenses for very long without additional support. Income protection insurance is a good option for anyone who wants to ensure that their income will always be protected.
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Think you might need life insurance, but have no idea what kind of plan or how much it will cost? Our simple Life Insurance Calculator tells you everything you need to know. Get started now.
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Frequently Asked Questions
What is life insurance?
Life insurance is a type of insurance policy that pays out a lump sum of money to your family & dependents in the event of your death.
Life insurance is one of the most generous things you'll ever purchase. By purchasing a life plan, you can make sure that the people you love the most are well looked after should the worst happen.
Which type of life insurance cover is right for me?
There are three main types of life insurance cover - these are:
Level term insurance policies pay out if you die within a fixed timeframe which you choose up front. Premiums and pay-out stay the same, regardless of whether you die on the first day, or the last day of the policy.
Learn more about level term life insurance >
Whole of life policies guarantee to pay out regardless of when you die – with no fixed time limit. These are normally more expensive, but you can get lower monthly costs by taking out an Over-50s policy.
Learn more about whole life insurance >
Decreasing term insurance policies are usually aimed at covering the remaining debt on a repayment mortgage if you die. These policies usually have a set timeframe and the pay-out decreases over the policy term – usually in line with the remaining mortgage debt. There are other tailored life insurance plans (such as Critical Illness Cover, Income Protection and Mortgage Protection).
How much does life insurance cost?
This really depends on your own specific circumstances, but the average UK monthly life insurance cost is roughly £8.50 (but can be as little as £5 per month). The factors that have an impact on your life insurance costs include:
Age: Usually, life insurance rates increase as you age. If you are already over 50.
Health: Do you smoke? Any chronic conditions? These could have an effect on the cost of your life insurance.
Read more about critical illness insurance here >
Gender: Statistically, women live longer - and pay lower life insurance because of it.
Occupation: Some jobs require more health risks - if you're a sky diving instructor, you will most likely be paying more on life insurance than the typical office worker.
Examination: A thorough medical checkup will let the insurer know if you're low risk - meaning your monthly payments will be lower.
Get a quote now >What is Critical Illness Cover?
Critical Illness cover will protect you if you were to become critically ill. Normally, the illness will need to be listed within the policy agreement and will have to be during the term of the policy.
Is Critical Illness cover right for me?
Critical Illness cover could help you supplement your income and pay for treatment if you are unable to work due to being diagnosed with critical illness. It can help you meet your expenses by paying a tax-free lump sum to you.
Get a criticall illness quote now >
If you are specifically looking to maintain at least 60% of your income if you are diganosed with a critical illness you may want an income protection insurance quote.
How much will I leave behind, if anything were to happen?
Again, this is largely dependent on the type of life insurance policy you decide to take out. The average life insurance payout is roughly £51,000, but with certain providers, this average raises to over £115,000.
However, these averages are basic indications on how much your dependents would receive in the case of your death. Unfortunately, there is no sure fire way to know how much would be paid out, and your best bet is to get a free quote and see for yourself.
What free gift could I receive?
This depends on which life insurance provider you end up choosing. Some of the policies we recommend come with free gifts such as;
- iPads
- Apple Watches
- £50 - £75 Amazon, M&S or Argos Gift Cards
- Parker pens
- Fitness trackers
- Discount gym memberships
- ...and many more