Published by Joe Davine on
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How to figure out if you need income protection insurance

Protecting your finance is a good idea for anyone who wants to feel secure by knowing they could make ends in the case of serious illness or injury. If you would struggle financially without work – even with savings or sick pay – you should consider it. Those who do find themselves unable to work due to illness or injury end up being very thankful for their income insurance.

Yes. Most companies will not cover you past retirement age – typically 65 or 70 years old.

Yes. Self-employed individuals can be covered by the insurance. In fact, income protection insurance is very beneficial for those who are self-employed as they usually don’t have employee benefits to fall back on.

Can I take out a joint income protection plan with my spouse?

No. Unfortunately you cannot take out a joint income protection insurance plan, because they are tailored very much to your specific circumstances.

Does my medical history affect my eligibility for income protection?

Yes. Severe medical and health issues may cause your premium to increase. If you’ve already been diagnosed with pre-existing conditions such as a critical illness or are severely disabled, some providers may not cover you.

What if I don’t have children?

If you have no children and no dependents, you may think the protection of your income is unnecessary. This is not the case. If you would struggle to pay your bills without your regular income, you could benefit from this type of insurance.

What if my employer offers sick pay or disability pay?

Make sure to do your research and find out exactly what kind of coverage your employer offers. Perhaps your employer already offers very extensive benefits that would make it less useful. However, sick pay and disability pay often only cover a portion of your income, and they also tend to expire sooner than many income protection plans.

What if I have a lot of money in savings?

If you have significant savings – enough to replace your entire income for at least a year – you might not need the insurance to protect your income. However, it’s still worth considering a policy.

What if my family can support me?

If you have family members who could fully support you in the case of injury or illness, you might not need an insurance protection. However, if you don’t want to place that burden on them, you should think about getting it.

What if I’m young?

While you are at less risk for serious illness or injury at a young age, it is still possible. It’s worth protecting your income early on, especially because premiums for those who are young and healthy are usually much lower.

How can I get covered now?

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

Is income protection insurance right for me? Yes! then don't hesitate to get your free quote right now!