Being in an accident or getting ill can really mess with your ability to work. That’s where Income Protection steps in.

What is Income Protection Insurance?

Income Protection is straightforward. You pay a monthly fee and if you can’t work because of an accident or illness, you receive tax-free monthly payments. This makes sure you can cover your outgoings. In most cases, these monthly payments will continue until you return to work or retire.

  • Insure up to 70% of your income.
  • Make unlimited claims & your costs won’t go up.
  • Pays out until you return to work or retire.
  • From just £7 per month.^

 

Do I need Income Protection Insurance?

We think anyone who can’t pay their bills without their income needs it –  which is most people. 31% of UK adults are forced to stop working because of illness, a cancer diagnosis, or a death in the family^^. Helping people deal with the impact of these problems is what Income Protection is all about.

“Most people underestimate their weekly expenses & wouldn't be able to pay all of their bills using the £95.85 a week you get from Statutory Sick Pay.”

Harrison Blair - Neilson Place Financial Adviser

How much does Income Protection Insurance cost?

We’ve got bundles of experience when it comes to finding people the right Income Protection. Plus we can get sweet deals from the UK’s biggest insurers. The monthly fee you pay is impacted by:

  • How much you want to be paid out each month if you’re unable to work.
  • How long you wait before your payments start (‘deferred period’).
  • Your occupation.
  • Your age.
  • Any pre-existing medical conditions.

Could I survive on statutory sick pay?

You can get £95.85 per week Statutory Sick Pay (‘SSP’) if you can’t work because of illness. Your employer will pay SSP for up to 28 weeks. £95.85 is not enough to cover most people’s outgoings & you’ll only get it for a short time. That’s why we think Income Protection is essential for almost everyone.

You can claim SSP & Income Protection at the same time, so you don’t have to pick one!

How long does Income Protection Insurance take to payout?

Usually after a claim is made, there is a waiting period before your payments begin (known as a deferred period). Typically you will want your payments to start after your standard sick pay finishes. The longer you decide to wait, the lower your monthly fee is.

Does Income Protection Insurance come with any extra benefits?

Where do we start! Most of our insurers included their own extra perks alongside Income Protection. Our expert advisers always keep their eyes peeled for these, to make sure you aren’t missing a trick.

Some perks you might find are:

  • £5,000 payout on death (death benefit).
  • Physio treatment (for the policyholder).
  • Counselling & carer services.
  • BUPA anytime health-line access.
  • Mobile GP access & private prescription service.

 

Latest articles:

Can you get Income Protection if you’re self employed?

Should I cancel my Income Protection policy?

Key points:

Replaces part of your income - if you can't work because of accident or illness.

Monthly payouts until you can work again or retire - this is called a monthly benefit.

You can claim as many times as you need to - over the lifetime of your policy you can make as many claims as you want and your monthly fee will remain the same.

The risk of an accident or illness is real - 31% of UK adults have experienced leave from work because of unexpected ill health, a cancer diagnosis, or even a death in the family^.

Does Income Protection cover unemployment? - Income Protection does not cover unemployment. If you’d like to cover against unemployment, you'll need ASU Insurance (Accident, sickness & unemployment). ASU Insurance currently unavailable due to uncertainty around employment & COVID-19. 

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