Compare Income Protection Quotes

Income Protection provides cover if you can’t work due to accident or illness. Redundancy cover is currently unavailable. Complete the form below to compare your options.

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If you have children, a partner or any other family members who rely on your income, then it makes sense to provide for them in the event of death

What is income protection insurance?

If you are unable to work due to an illness or an accident, income protection insurance can financially support you. It can provide a tax-free salary while you concentrate on improving your health or finding another job.

Income protection insurance pays out a percentage of your estimated monthly salary and can be used to pay the mortgage, loans, council tax, or any other bills you need to cover. This enables you to maintain your standard of living despite not being able to work.

Why do I need income protection insurance?

  • An estimated 585,000 employees in the UK are on long-term sick leave*
  • Statutory sick pay provides just £96.35 per week**
  • The average amount of money needed to cover the true cost of living in the UK is £3,803.50 per month∫

As you can see there is a large discrepancy between the statutory sick pay to which you are entitled and real life living costs! Income protection insurance helps to protect against this

Unfortunately, most employers do not financially support employees after more than a year of sick leave and given the low level of income that statutory sick pay provides, it makes sense to think about protecting your income.

What levels of income protection cover are available?

If you are unable to work due to illness of injury, income protection insurance can substitute your salary. There are three fundamental levels of cover which, depending on your situation, payout:

  • Own occupation - This policy covers you if you become unable to perform your own occupation.
  • Suited occupation - This policy covers you if an accident or illness means you cannot perform a job that suits your skills, qualifications, and experience.
  • Any occupation - This policy covers you if you cannot do any kind of work.∫∫

Are my payments fixed or do they increase?

In addition to your occupation cover, your payment amounts will be based on a variety of factors including lifestyle, age and your current health.

The type of monthly premium you choose will also have an effect on your monthly payments:

Guaranteed

A guaranteed premium ensures that you always pay the same sum of money every month, until the policy finishes. This gives you the security of knowing exactly what your monthly payments will be.

Reviewable

A reviewable premium means your rate is reviewed from time to time. This could equate to a rise in costs over the long term ∫∫

When does the policy pay out?

Your policy will run until the date of expiry - people usually choose to be covered up to the milestones in their lives such as retirement age, the mortgage end-date, or when their children are likely to leave home.

As long as the policy is valid, it will pay out if you are unable to work after the ‘deferral period’ has been completed.

The deferral period is a pre-agreed length of time after you submit a claim. You may have decided that should you become unable to work, you would not need a pay out until your employers sick pay or your savings ran out.

Alternatively, you may have agreed when taking out the policy that you would need payments to start a month after making a claim.∫∫

How much will I get paid?

There are normally two types of policies you can opt for. One will cover you for a percentage of your salary and the other will cover you for a fixed amount.∫∫

How do we help?..

>Our service helps you to compare life insurance quotes through an authorised FCA regulated comparison broker. We also realise that the process is not always easy - that’s why if you need any advice or are unsure of your options (and a mistake can be costly) you'll have access to help and assistance. There's no obligation to purchase, it's always entirely your choice.

Please note all third-party insurer logos on this site are a trademark of their respective owners. We currently do not have a direct affiliation with these insurers, although the brokers we are partnered with do. Some of the brokers we work with may not be able to provide quotes from all of the insurers featured.

*Calculated as 1.8% of 32,500,00. ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/timeseries/mgrz/lms

**https://www.gov.uk/statutory-sick-pay

∫Based on a family of four. blog.revolut.com/a/cost-of-living-uk/

∫∫moneyadviceservice.org.uk/en/articles/income-protection-insurance-choose-the-right-policy-and-cover

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