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Income Protection Insurance

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Income Protection should be a consideration for anyone who works full time and relies on their monthly income. It is especially important for those who are self-employed or work as a contractor, as this is not the same access to sick pay that those employed have. Each year, there are thousands of people in the UK who find themselves unable to work due to injury or serious illness – and yet many people don’t consider what would happen if they were suddenly unable to bring in money each month.

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What Is Income Protection

Income Protection Insurance is designed to pay up to 70% of a working individual’s annual pre-tax income as a tax-free monthly benefit should they be off work due to illness or injury.

Anyone who is self-employed (including contractors) or does not have full sick pay from their employer should be looking into income protection. If you are not working, you’re not earning any income, which means paying for all your outgoings becomes extremely difficult.

State benefits are getting harder to qualify for and you may not get enough benefit to cover your outgoings even if you did qualify.

How Does Income Protection Work?

There is no restriction as to what illness or injury you can claim on (as long as it isn’t pre-existing to when you took your policy out).

You can choose how long you want to wait before the benefit is paid, something that is referred to as a “deferred period” which can vary from 1 day, right up to 52 weeks. You can claim as many times as you want throughout the policy term, with short and long-term options available, starting from 1yr, 2yrs, 5yrs or full cover which usually insures you up to retirement age.

Can I apply for Income Protection?

If you are currently working and earning a full-time wage, you can apply for Income Protection.

It is worth noting that some pre-existing medical conditions could be excluded from the policy, and therefore you would not be able to claim on an illness or injury you had before the policy was taken out.

Do I need Income Protection?

As a working adult, Income Protection is one of the most important products you should be considering. For anyone who relies on their salary to keep on top of all monthly expenses, having an Income Protection Policy in place will take away the stress of worrying about paying rent, mortgage, or monthly bills.

With Income Protection in place, you can be assured you have a monthly income for as long as you need to recover.

Most people only look into getting an insurance plan when big milestones are happening, such as getting married, starting a family, or changing jobs. However, it is important to consider Income Protection as soon as you start earning a full-time wage.

How much does Income Protection cost?

How much you will pay depends on which policy you take out, as well as your personal circumstances.

There are several factors that will be taken into consideration:

  • Age
  • Occuptation
  • Your Health & Medical History
  • Alcohol Consumption
  • If you are a Smoker

Why is this important for your clients?

Anyone who is self-employed (including contractors) or doesn’t have full sick pay from their employer has a genuine need for income protection simply because if you’re not working you’re not earning any income, which means paying for all your outgoings becomes extremely difficult.

State benefits are getting harder to qualify for and you may not get enough benefit to cover your outgoings even if you did qualify. We can cover most occupation classes and some of our providers will not charge more for a higher risk occupation.

What types of Income Protection Cover are available?

When choosing an Income Protection policy that is right for you, you should decide if you want long or short term.

Long-term – Most long-term Income Protection covers will cover you until you return to work, retire or pass away.

Short term – Unlike long-term cover, short-term Income Protection policies are limited to a set time period.

guaranteed policy – this provides you with a fixed monthly premium

Frequently Asked Questions

An income protection insurance policy will cover you if you’re injured/Illness only, however we do have short term plans which cover those that are unemployed but due to the current situation with Covid-19, these are currently unavailable.

You can still apply for Income Protection if you are self-employed. However, with most policy options, you will be asked to provide a year’s audited accounts to verify your income when you apply.

This is dependent on your individual policy. The majority will cover until retirement, whilst others can be short term, simply covering you over a 1-2-year period.

No! Income Protection is not a substitute for Life Insurance – it will only cover your income for the term of your policy.

Up to 70% of your annual income can be covered tax-free!

Other Types of Cover Available

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Critical Illness Cover

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Critical Illness Cover pays out a Tax-Free lump sum if you are diagnosed with a serious illness, offering additional protection to Life Insurance.

Each provider has a different list of critical illnesses that they will pay out for. In general, it covers you against most cancers, heart attack, stroke, kidney or liver failure and multiple sclerosis.

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Mortgage Life Insurance

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If you are looking for insurance that is specifically designed to cover your mortgage payments, then we suggest considering Mortgage Life Insurance Cover.

Mortgage Life Insurance Cover is put in place to ensure your outstanding mortgage is paid off in the event of death, giving your loved ones one less thing to worry about. To ensure you are properly covered, you simply need to tell us how much is left to pay on your mortgage and over what term. That is the exact amount of cover and term length you will need to take out.

This type of life insurance is what is referred to as a ‘Decreasing Term policy’ – as the amount paid out decreases over time to keep in line with your outstanding mortgage balance.

Mortgage Life Insurance can be added onto your Critical Illness Cover.

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Renters Income Protection

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Renters Income Protection Cover is ideal for those currently renting in the private rental sector in the UK. It has been designed to offer protection for a large percentage of people who would not be able to protect their income should they find themselves unable to work.

It works through paying out a monthly benefit to people who find themselves unable to work due to an unforeseen illness or accident. It can be used to cover the cost of rent, or it can be put towards other living expenses such as utilities, medical bills, and childcare.