Income Protection Insurance.

Income Protection Insurance

Don’t let a serious illness or injury turn into a financial burden.
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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. 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. This tipe of insurance is a good option for anyone who wants to ensure that their income will always be protected.

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Further Reading...

What is income protection insurance?

Income insurance pays out in the case that you should fall ill or become injured and are unable to work. It is a long-term insurance policy, and it will replace some or most of your regular income.

How much does income protection insurance cost?

This will vary according to your provider and coverage needs. It will also depend on your job, your health, and your age. Plans start around £8 per month at the very low end, but can increase significantly if you want more extensive coverage or have severe health problems.

What is covered by income protection insurance?

Protecting your income with an insurance covers a portion of your income in case of:

  • Severe injury
  • Serious illness

You must be unable to work for a significant period of time.

What is not covered by UK income protection insurance?

You can’t receive protection benefits for just any illness or injury. The following are not covered by protection of your income:

  • Self-inflicted injury
  • High-risk occupations (such as coal mining or working at extreme heights)
  • Injury from high-risk activity (such as rock climbing and deep-sea scuba diving)
  • Mental illness
  • Injury or illness that is the result of criminal activity

Is unemployment ever covered by income protection insurance in the UK?

It can be. Some providers will offer the option to include protection for unemployment. This is often called a “redundancy benefit” – it replaces a portion of your income in the case that you are involuntarily unemployed. It will not cover you if you are fired by fault of your own or quit.

What is short-term income protection?

A short-term protection plan pays out for a fixed term that you choose in the case of serious but not permanent injury or illness. Terms are usually 6 months, 1 year, or 2 years.

What is long-term protection of income?

Long-term financial protection plans pay out until the plan expires or you retire in the case of serious or terminal illness that makes it unlikely you’ll ever return to work.

Do I get paid in a lump-sum?

No. You get payments in the form of monthly income.

How is income insurance different from critical illness cover?

Unlike critical illness cover, which is paid as a lump-sum should you fall critically ill, income insurance pays out in the form of monthly income. It may often include coverage for more illnesses and injuries than critical illness cover.

How much money will I get from income protection insurance (UK)?

This depends on your provider. Most providers have a maximum claim set to your after-tax earnings, minus any government benefits or other payments you might be receiving. Typically, the maximum payout is about 70% of your income. Of course, the lower your coverage, the lower your premiums.

Is there a waiting period before I start receiving payments?

Yes. It is called the deferred period, and it can last anywhere from 4 weeks to one year. Most people will set their payments to start after their sick pay and payments from any other insurance policies end. The longer you set your waiting period, the lower your premium will be.

How long will I receive payments from my protection of income?

This depends on your policy. Typically, providers will offer monthly payments until your plan expires, you go back to work, or you hit retirement age – whichever comes first.

Can I be protected even if I’m over the normal retirement age?

Usually not. Most providers will require you to be under the age of 65 or 70 in order to receive coverage.

Can I make more than one claim?

Yes. You can make as many claims as you need to until your policy expires.

How can I get covered now?

This one's easy! Click here to get yourself a free income protection insurance quote.

Frequently Asked Questions