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What is Income Protection Insurance?

Income Protection (IP) is a policy that steps in and replace some of your monthly income in the event of you being unable to work due to illness or injury.

It pays you a tax-free monthly income either until you return to work, retire or the policy expires. IP is designed to support you and your family by covering regular outgoings, to help maintain your lifestyle should something unexpected happen.

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Benefits of Income Protection

Lifestyle

Keep the lifestyle you're used to

Security

No struggling to make ends meet

Protects Saving

Keep your savings intact

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What does Income Protection Cover?

Illness

Whether you are dealing with anxiety, depression, a stroke, or a heart attack, your policy can kick in as soon as you are signed off.

Accident/Injury

From car accidents to pulling something in the gym. Your plan can start paying you as soon as your GP believes you are unable to work.

Doesn't include

Your policy will not pay out for Death, Redundancy, or Dismissal

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What are your current sick pay arrangements?

If you are employed, your employer may offer some form of sick pay benefits, but it's essential to be aware that these benefits may have limitations or an expiration date. It's also worth considering the fact that you might change jobs in the future - what if your new employer doesn't have the same cover.

For self-employed individuals who don't have the benefit of sick pay from and employer, Income protection can offer financial support and peace of mind.

The default sickness cover in the UK is Statutory Sick Pay (SSP), which pays just over £100 a week for a maximum of 6 months. Could you survive on that?

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What to think about when taking out Income Protection Insurance

Level of Cover

This is typically around 50%-70% of your gross monthly income.

Term of cover

How long you want to be protected for. This could be a fixed number of years or until retirement.

Benefit term

This is how long you want the policy to pay you for - the most popular option is until retirement, but you can select other options like 2 or 5 years.

Deferred period

This is the amount of time after you stop working before the insurance benefit kicks in. If you don't want the policy to start paying straight away you can choose to defer it.

Definition of incapacity

Definition of incapacity, which determines when you qualify to start receiving your income protection insurance benefit.

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What affects your income protection insurance cost?

Age

The older you are the more your policy will cost, so it's better to get insured sooner rather than later.

Occupation

Some jobs are riskier than others and therefore this has an impact in your policy cost.

Health

The insurer will ask you some medical questions before you join to assess your risk of claiming. They may adjust the price as a result.

Level of cover

The more cover you take the more expensive your policy will be.

Deferred period

This is a wait time between being signed off and making a claim. The longer you can wait before claiming offers the most discount to your policy.

Claim Period

This is the length of time you would like your claims to last. Normally set at 2 years, 5 years and until retirement.

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Based on your requirements we will help you to compare life insurance from leading providers; such as Aviva, Royal London, Scottish Widows & Vitality.

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