Protection
Income Protection
Income protection replaces a chunk of your regular earnings if you can't work due to illness or injury. It keeps the mortgage paid and your family financially secure until you're back on your feet.
We compare policies from leading UK insurers
What Is Income Protection?
Income protection (IP) is a long-term insurance policy that pays you a regular monthly income if you can't work because of illness, injury or disability. Unlike critical illness which pays a one-off lump sum for specific conditions, IP covers any condition that stops you doing your job.
Policies replace an insured portion of your income after the waiting period. Payment amounts, claim duration and repeat-claim limits depend on the policy; some cover is limited to a shorter benefit period.
If you're self-employed with no employer sick pay, income protection is probably the single most important insurance you can buy. Without it, a long illness could mean losing both your income and your home.
Things to Think About
Deferred Period
How long you wait before payments kick in (usually 4, 8, 13 or 26 weeks). A longer wait means lower premiums. We match this to your employer sick pay or savings.
Own Occupation
"Own occupation" pays out if you can't do YOUR job. "Suited occupation" only pays if you can't do ANY job you're qualified for. We always push for own-occupation cover.
Guaranteed Premiums
Guaranteed premiums stay the same for the whole term. Reviewable ones can go up. We normally recommend guaranteed so you know exactly what you'll pay.
If You're Self-Employed, Read This
No employer sick pay. No statutory sick pay worth mentioning. If you can't work, the money stops. Income protection can replace part of your income while you recover, subject to policy terms, incapacity definitions, exclusions, the waiting period and an eligible claim. It may not cover all your bills; savings and other support can also help. With the right deferred period, premiums can be surprisingly affordable.