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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.

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 will kick in once the deferment period has passed. This coverage ensures that you have a safety net in place to help you manage your expenses and maintain financial stability during challenging times.

Accident/Injury

From motor accidents to pulling something in the gym. Your plan will start paying you as soon as your deferred period has ended and 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 forever long you think you will be in work.

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 5 or 10 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

Occupation

Health

Level of cover

Deferred period

Policy length

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