Income Protection
These policies are designed to protect you in case that you are unable to work due to injury, illness, or other issues.

Income Protection Insurance

It is suggested that, in the UK, one million people each year find themselves in a position where they cannot work due to severe illness or injury. Income protection is designed to give you some cover if you find yourself in that position.

If you are not in a position where you can survive off of savings or sick pay if something happens, then income protection insurance is a way to ensure your bills are still paid.

What is income protection insurance?

Income protection insurance, sometimes called permanent health insurance, is a long-term insurance policy created to protect you if you become ill or are injured so you can no longer work. It will guarantee that you will continue to receive a regular income until you are ready to go back to work or until you are due to retire. It will cover most illnesses which leave you unable to work, both short and long term.

Commonly, you will receive your first payment after your sick pay ends or after other insurance stops covering you. The longer you wait, the lower your monthly premium will be.

As long as the policy is in place, you can claim as many times as needed.

Although similar to critical illness insurance, it is not the same, as it gives you regular payments, and critical illness insurance gives you one lump sum.

It is also similar to short-term income protection insurance; however, the nature of the short-term cover means that you will only be covered for a certain amount of time and most likely for more minor illnesses. In contrast, income protection insurance will cover you until your retirement date.

Do I need income protection insurance?

It is not a matter of whether you have dependents; it is more about whether you think you could pay your bills if the illness or injury were to strike.

For this reason, you are most likely to need it if you are self-employed or employed but do not have sick pay to rely on.

This may not be suitable for you if you are someone who will receive sick pay from your employer, you have a lot of savings, or if you are in a position where you could take early retirement.

How much does income protection insurance cost?

The price of your premium will depend on a number of factors including the length and circumstances of your coverage. The biggest factors are:

Bristol

Henleaze Business Centre,
13 Harbury Road, Henleaze,
Bristol BS9 4PN
Tel: 01172 872199

Exeter

Alphinbrook Court,
Exeter
EX2 8QR
Tel: 01392 984364

London

56 Gloucester Road
Kensington
London SW7 4UB
Tel: 020 3633 2515

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