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Income Protection Insurance

Income Protection Insurance

KEEP MONEY COMING IN WHEN IT MATTERS MOST

Get Income Protection Insurance
  • Keep money coming in, even when you can't work.
  • Protect your family's lifestyle against unexpected setbacks.
  • Focus on getting back on your feet, not the worry of missed paychecks.

COMPARE INCOME PROTECTION INSURANCE QUOTES FROM LEADING PROVIDERS

Ensure your financial stability during unexpected times with tailored plans from trusted industry leaders. Our partnered adviser will compare quotes to find the most suitable option for you.
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WHAT IS INCOME PROTECTION INSURANCE?

Income protection insurance is like your financial backup plan. If something happens and you can't work because of an injury or illness, this insurance steps in. It gives you a regular amount, kind of like a paycheck, based on a part of what you usually earn.

This cash helps cover everyday costs like rent, shopping, and bills when you're not getting your usual salary. So, instead of stressing about money, you can concentrate on getting better. It's a way to make sure life keeps moving, even when you hit a bump in the road.

DO I NEED INCOME PROTECTION INSURANCE?

Income protection is highly recommended for self-employed individuals, as they lack the safety net of employer sick pay. However, even for those in traditional employment, this insurance offers a valuable layer of financial security during unforeseen challenges.
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    Family & Dependents

    If others rely on your income, this insurance ensures they're taken care of, even if you can't work.

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    Debts & Bills

    Stay on top of loans, bills, and other financial obligations. Don't let unexpected health issues put you in debt.

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    No Sick Pay or Savings

    Especially for the self-employed or those without a financial cushion, this insurance is a lifeline when income stops.

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    Future Planning

    With rising living costs, secure your financial stability. Whether it's recovery or job hunting, focus on what matters without monetary stress.

IN 2022, INSURERS SUPPORTED INDIVIDUALS WITH £231 MILLION IN INCOME PROTECTION CLAIMS, AN INCREASE OF 22% FROM THE PREVIOUS YEAR[1]

[1]The 2022 report from the Association of British Insurers and Group Risk Development shows a 9% increase in the number of individual income protection claims, with over 15,900 people claiming in 2022. The average claim payout for income protection policies stood at £21,913.

WHAT DOES INCOME PROTECTION INSURANCE POLICY COVER?

What you’re covered for depends on the type of income protection insurance policy you take out. How long you’re covered for (the policy ‘term’) also depends on the type of policy and insurance provider you choose. Broadly, there are two main types of coverage:

General Income Replacement

This type of policy provides a regular monthly sum if you can't work due to illness or injury. The payout helps cover daily living expenses, allowing flexibility in how you use the funds. It's aimed at maintaining your standard of living during difficult times.

Mortgage and Loan Protection

This policy offers a monthly sum to cover daily living expenses if illness or injury prevents you from working. It's designed to maintain your standard of living, giving you the flexibility to manage various financial needs during recovery.

You can choose a policy that specifically addresses major outgoings, like mortgages or loans. Alternatively, some policies offer a monthly sum, allowing you the flexibility to use it as needed

TYPES OF INCOME PROTECTION INSURANCE

There are different kinds of income protection policies. Each one has its own rules about when you can and can't work:

ACCIDENT & SICKNESS

Accident and sickness cover (critical illness cover) offers an alternative income if serious illness or injury prevents you from working. Get a quote for income protection.

ACCIDENT, SICKNESS & UNEMPLOYMENT

This combines protection against illness, accidents, or job loss, ensuring your mortgage or rent and other debts are covered. Get a quote for ASU cover.

HOW DOES INCOME PROTECTION WORK?

Income protection is a type of insurance designed to safeguard your earnings if you're unable to work due to illness or injury.
  • Coverage Details: Typically, these policies cover between 50-70% of your gross monthly income. This can encompass your regular salary, work-related dividends, bonuses, and commissions. However, the specifics can vary between insurers, so it's essential to check the policy details.
  • Waiting Period: Every policy has a deferred period, which is the time between when you become ill or injured and when you can start claiming benefits. This period is often at least one month. Generally, the longer you're willing to wait before receiving benefits, the less expensive your policy will be.
If you find yourself working reduced hours due to your injury or illness, some insurance providers might offer a partial income until you can return to full-time work. Always review your policy to understand these nuances.
How much Income Protection Insurance do I need?
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HOW MUCH IS INCOME PROTECTION INSURANCE?

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    Salary

    The cost is often based on your earnings. The higher your salary, the more you might pay, especially if you're looking to cover a significant portion of it.

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    Level of Cover

    Some providers allow you to choose how much of your salary you want your income protection payouts to cover. Opting for a greater percentage, like 70% instead of 50%, will increase the cost of your policy.

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    Occupation & Risk

    Jobs with higher health risks or demanding roles, such as builders or mechanics, usually come with higher premiums compared to roles perceived as less risky, like office jobs.

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    Deferred Period

    This is the waiting time between when you stop working due to illness/injury and when your benefits start. A longer deferred period can reduce your premium, but you'll need to support yourself financially during this time.

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    Pre-existing Conditions

    Existing health issues, especially if you want them covered, can raise the policy's cost. Always be transparent about your medical history with your provider.

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    Payout Term & Duration

    Policies with longer claim durations, especially those lasting until retirement, are generally more expensive than those with limited claim lengths.

Income protection insurance provides you with a portion of your income if you're unable to work due to illness or injury. It covers a range of health issues, from short-term injuries to more long-term conditions. For specifics on what's covered, please consult an expert adviser through our income protection form

Typically, income protection can replace a significant portion of your salary, often up to 50-70%. The exact percentage can vary based on the policy. For tailored details, please speak to an expert adviser directly or through our income protection form

Yes, there's usually a waiting period before payments start, which can range from a few weeks to several months, depending on your policy's terms. For more information, please use our income protection form to speak to an expert adviser

Absolutely, self-employed individuals can and should consider income protection insurance. It's important for those without employer-provided benefits. To get a quote, please fill in our income protection form

The payout duration varies by policy. Some policies pay out until you can return to work, while others may cover a set period or until retirement. Discuss your needs with an expert adviser through our income protection form

No, it's not limited to full-time employment. Part-time workers can also be covered. For specific policy details applicable to your employment status, consult an expert adviser via our income protection form

Yes, like all insurance policies, there are exclusions, such as pre-existing conditions or certain high-risk activities. To understand these exclusions, use our income protection form to get in touch with an expert adviser

Many policies offer flexibility to adjust coverage as your needs change. For more information on adjusting policies, please speak with an expert adviser

In some cases, income protection insurance premiums may be tax-deductible. However, tax rules can be complex, so it's best to speak with an expert adviser. Connect with one using our income protection form

While both provide financial support, income protection replaces lost income due to any illness or injury, whereas critical illness covers specific diagnoses with a lump sum. Get a quote using our income protection form
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HOW COVERME123 WORKS

At CoverMe123, we are dedicated to connecting you with our partnered expert adviser for your insurance needs. Our role is to bridge the gap between you and the experts, ensuring a smooth and efficient process. It's important to note that while we do not provide financial advice ourselves, we excel in guiding you to those who do. Here’s how our process works:

  1. Information Gathering: Fill out our online form with the details of the insurance you're seeking.
  2. Secure Handling of Your Data: We ensure the confidentiality of your information, using it solely to connect you with our partnered expert adviser.
  3. Connecting You with Advisers: Your information is passed on to our partnered adviser, who will then reach out to you for a detailed discussion.
  4. No Obligation Consultation: You are free to choose the policy that best suits your needs, without any obligation.

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