Income Protection Insurance
Income Protection Insurance is designed to provide a regular income if you are unable to work due to illness or injury, subject to the terms of your policy.
For many people, their income is their most important financial asset. If illness or injury prevents you from working for an extended period, maintaining mortgage payments, household bills, and everyday expenses can become difficult.
Income Protection Insurance can help provide a regular monthly benefit during a period when you are unable to earn your usual income.
Whether you are employed, self-employed, or a business owner, we can help you compare Income Protection Insurance options from leading UK providers.
- FCA Regulated
- UK Wide Cover
- Expert Brokers
- Fast Quotes
GET A FREE QUOTE
By submitting this form, you are asking WS Brokers Limited to contact you about your insurance enquiry. We will use your information as explained in our Privacy Notice.
INTRODUCTION
What is Income Protection Insurance?
Income Protection Insurance is designed to provide a regular monthly payment if you are unable to work because of a qualifying illness or injury.
The policy may provide a percentage of your usual income, subject to the maximum benefit available and the terms of the policy.
The payments may continue for a specified period or until you are able to return to work, depending on the type of policy selected.
Income Protection Insurance is designed to help replace part of your income rather than provide a single lump-sum payment.
Who Needs This
What Does Income Protection Insurance Cover?
COVERAGE
Who Is Income Protection Insurance For?
Why Consider Income Protection Insurance?
A prolonged illness or injury can affect your ability to earn an income.
Even if you have savings or access to employer benefits, these may only provide financial support for a limited period.
Income Protection Insurance can help provide a regular income to support your financial commitments while you are unable to work.
This may help reduce financial pressure during a period of recovery.
Income Protection for Employees
Employees may have access to sick pay or employer-provided benefits, but the level and duration of support can vary.
Income Protection Insurance may provide additional financial protection if employer benefits are limited or come to an end.
When considering cover, you may wish to review:
- Employer sick pay
- Benefits available through your employer
- Your monthly financial commitments
- Your existing savings
- The length of any employer benefit period
Income Protection for Self-Employed Individuals
Self-employed individuals may face particular financial challenges if illness or injury prevents them from working.
Unlike many employees, self-employed people may not have access to employer sick pay.
Income Protection Insurance may help provide a regular benefit to support:
- Personal income
- Mortgage or rent payments
- Household expenses
- Family commitments
- Business-related costs
The appropriate level of cover will depend on your circumstances and financial commitments.
How Income Protection Insurance Works
Income Protection Insurance typically involves:
Understanding Deferred Periods
A deferred period is the amount of time you must be unable to work before your Income Protection benefit becomes payable.
Common deferred periods may include:
- 4 weeks
- 8 weeks
- 13 weeks
- 26 weeks
- 52 weeks
A longer deferred period may affect the cost of the policy.
The most suitable period will depend on your savings, employer benefits, and financial circumstances.
Income Protection and Critical Illness Cover
Income Protection Insurance and Critical Illness Cover provide different types of financial protection.
Income Protection generally provides a regular income when you are unable to work due to a qualifying illness or injury.
Critical Illness Cover generally provides a lump-sum payment following the diagnosis of a qualifying serious illness.
Some individuals may choose to arrange both types of protection to provide different forms of financial support.
Income Protection and Life Insurance
Life Insurance is designed to provide a payment following death.
Income Protection Insurance is designed to provide financial support while you are alive but unable to work due to a qualifying illness or injury.
Both types of insurance can play different roles within a wider financial protection plan.
Choosing the Right Income Protection Insurance
When comparing Income Protection Insurance, you may wish to consider:
- Monthly benefit amount
- Percentage of income covered
- Deferred period
- Benefit payment duration
- Occupation definition
- Existing medical conditions
- Exclusions
- Inflation protection
- Premium affordability
The most suitable policy will depend on your income, occupation, financial commitments, and personal circumstances.
Types of Income Protection Insurance We Can Help Arrange
We can help you compare a range of financial protection options, including:
- Individual Income Protection Insurance
- Self-Employed Income Protection
- Executive Income Protection
- Long-Term Income Protection
- Short-Term Income Protection
- Income Protection for Company Directors
- Accident and Sickness Cover
The options available will depend on your circumstances and the insurer’s underwriting requirements.
HOW WE ARE DIFFERENT
Why Choose Compare Health Insurance?
Frequently Asked Questions
Income Protection Insurance is designed to provide a regular income if you are unable to work due to a qualifying illness or injury.
The benefit amount varies between policies. Insurers typically limit the benefit to a percentage of your income, subject to policy limits.
The payment period depends on the policy selected. Some policies may provide benefits for a limited period, while others may continue until you return to work or reach the end of the policy term.
A deferred period is the period you must be unable to work before your income protection payments begin.
Yes. Income Protection Insurance can be particularly valuable for self-employed individuals who may not have access to employer sick pay.
Some policies may provide cover for qualifying mental health conditions. The exact terms vary between insurers and policies.
This depends on the insurer and your medical history. An existing condition may affect the terms of cover, premium, or exclusions.
Get Your Free Income Protection Insurance Quote
Whether you are employed, self-employed, or a business owner, we’ll help you compare Income Protection Insurance options from leading UK providers.
Speak with our experienced team today and explore tailored financial protection designed to help provide a regular income if illness or injury prevents you from working.