Sometimes it’s easier to speak to a human. If you’d rather have a chat with one of our trained protection specialists, you can call us on 0330 330 9465. Our offices are open Monday to Friday, 9am to 5pm.
Health Insurance
Health Insurance
Income protection insurance does exactly what it says – it replaces your income if you can’t work due to illness, injury, or involuntary unemployment. But rather than “replacing” your income, it’s really about protecting it from unexpected loss. Imagine you break your leg on a Sunday – would you be fit for work on Monday? Probably not! And you shouldn’t have to worry about money while recovering. That’s where income protection comes in. Also known as ASU, it provides monthly payouts to cover essentials like rent, bills, and household costs, so you can focus on getting back on your feet.
Income protection insurance is always a good investment, but it’s especially worthwhile in the UK’s current climate. The cost of living crisis is still in full swing, and according to the Office of National Statistics (ONS), redundancies were on the rise by the tail-end of 2024. It’s been getting harder to find a new job in recent years, too, which means that in general, circumstances for people out of work have become pretty unstable. And in 2022, worker sick days rose to their highest rates since 2004! With an income protection insurance policy in your corner, though, you don’t have to worry about any of that. If you lose your job or have to take time away because you’ve been injured or are sick, we’ll give you up to 65% of your monthly income for every month you’re out of work.
If you need to claim on your income protection insurance policy, you’ll receive up to £2,500 a month (or 65% of your income), completely tax-free.
This is the waiting time between claiming and getting paid. Most people choose a 30-day excess period, but the choice is yours.
Several factors can affect how much your income protection insurance costs, including:
Your income protection insurance policy covers your income if you’re too sick or injured to work or if you’ve been made involuntarily unemployed. You agree on an amount you’d like to be paid if this happens — called a ‘benefit’ or ‘benefit amount’ — and if you find yourself unable to work, you make a claim. Your benefit will cover whatever you need it to cover, whether that’s your mortgage payments, your rent, your bills, or even your groceries.
If you successfully make a claim on your income protection insurance policy, you’ll be paid out the benefit amount you selected when you first purchased cover. This will usually be up to either 65% of your income or £2,500.
Yes, income protection insurance is worth the investment, even if you are in the UK. With an income protection insurance policy in your back pocket, you won’t have to rely on your savings, state benefits like Universal Credit (which often aren’t enough to live off of for long), or handouts from loved ones to keep your head above water in the event that you couldn’t work. Think of it like paying into your rainy-day fund; one day, you’ll need it.
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