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Income protection will pay you a monthly income, for a set period of time, in the event that you are unable to work due to illness or injury. The policy will pay a percentage of your normal income, so that you can meet your priority financial commitments and living expenses while you recover.

If you’re self-employed or working for a company that doesn’t provide sufficient sickness benefits, then having an income protection policy gives you the reassurance that you’ll be able to cover costs if you have to go off work.

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FAQs - Income protection

Income protection is a type of insurance product which pays you a monthly benefit if you’re unable to work your own occupation due to illness or injury.

The insurer will pay a percentage of your monthly salary for an agreed period of time, whilst you recover from your injury or illness. Income protection usually covers up to two-thirds of your monthly salary, so you can still pay your monthly financial commitments.

In short, yes. This is probably one of the most important things when you’re self-employed. If you suffer from an illness or injury, which leaves you unable to work, what would you do? You may be able to apply for Employment and Support Allowance, which is nominal compared to your monthly income. You can expect to receive up to two-thirds of your monthly salary.

Most income protection policies will pay out two-thirds of your normal monthly salary, as the policies are intended to act as a stop gap, as opposed to fully replacing your income.

Each policy has what is known as a “deferred period” which is the time between when you first go off work and when the payments start. Deferred periods range from 4 to 26 weeks. When you apply for your policy, you can choose which deferred period is right for you – for example, you might have savings that will last you for a few months, meaning that you don’t need the payments to start until then. The longer your deferred period, the cheaper your premiums will be.

That all depends on your personal situation, but to help you decide, you should ask yourself the following questions:

  • Would I still have money coming in, if I couldn’t work?
  • Would I be able to pay my bills and priority commitments if I was off sick?
  • Could I live on Statutory Sick Pay or Employment and Support Allowance?
  • Do I have enough savings to make up any shortfalls?

If the answer to any of the questions above is “No” or “I don’t know,” then you might need income protection. Speak to one of our advisers, and they will talk through your options and help you decide what type of cover is right for you.

Explore our other useful protection pages

Having the right insurance in place can give you some much needed peace of mind, knowing that you and your loved ones are covered, should the worst happen. With our panel of market leading insurers, we have a range of insurance products to meet your needs.

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