Income Protection
Insurance
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Income protection insurance does exactly what it says on the tin; it protects your income if you can’t work due to illness or injury. Losing your income unexpectedly can be life-changing, which is exactly why income protection insurance is waiting in the wings to keep things moving if you’ve had an accident or come down with a sickness.
According to the Health & Safety Executive, 40.1 million working days were lost due to work-related illness and workplace injury in 2024/25. Imagine if you had lost these days; would you be able to keep up with your usual financial commitments, including bills, mortgage or rent payments, and day-to-day expenses? If not, income protection insurance is here to help.
How exactly does income protection insurance work?
Make a claim if you can’t work
If you can’t work because you’ve had an accident or fallen sick, you can submit a claim and get your income replaced while you’re recovering. You’ll need to give your claim administrator some information like your job details and medical evidence.
Receive ongoing financial support
Once your claim has been approved, your income protection insurance will pay out up to 70% of your usual monthly income. These payments will continue until you return to work, and you can use them for whatever you need; rent, groceries, the works.
Claim again if you need to
Accidents and sicknesses are a part of life; they happen again and again. That’s why your income protection insurance policy allows you to make multiple claims throughout the lifetime of your policy. If you can’t work, you can go through the claim cycle all over again.
Do I need income protection insurance?
If you rely on your income to cover everyday living expenses, income protection insurance can provide financial support if you’re unable to work due to illness or injury. Available for employees, self-employed individuals, and contractors, it offers peace of mind by helping you maintain your lifestyle. If you already have similar cover through your employer or another policy, additional cover may not be necessary. Read more
What does income protection insurance cover?
What is covered by income protection insurance?
Your income protection insurance will generally cover most injuries and illnesses, as long as they keep you from working.
There are obviously several different things that can fall under this umbrella, but they include:
- Serious illnesses (e.g. cancer, heart disease, stroke)
- Musculoskeletal problems (e.g. back pain, broken bones, carpal tunnel syndrome)
You’ll only receive your payout if you meet your insurer’s criteria for being unable to work (otherwise known as their ‘definition of incapacity’).
What is not covered by income protection insurance?
All income protection insurance policies will exclude certain types of injuries or illnesses; self-harm and substance abuse, for example, are always excluded.
Some policies will only let you claim if you can’t work at all, while others will let you claim if you can’t work your specific job. You should check what kind of cover you have before you claim.
Any pre-existing medical conditions you have will also be excluded from your cover. If you have illnesses that run in your family, your insurer might also exclude those.
If you’re involved in any dangerous hobbies or high-risk sports, your insurer will need to know about those too. If you don’t disclose something that could lead to a claim, you might not receive your payout, so it’s vital to make sure you’re 100% transparent.
Types of income protection insurance
There are a range of different forms of income protection insurance for all kinds of people, which is why it’s important to find the policy that’s right for you.
How much is income protection insurance?
Income protection insurance premiums are affected by a whole range of factors, which include:
Your age
The older you are when you purchase your cover, the more you’re likely to pay in premiums because there’s a higher risk that you’ll fall ill and need to claim.
Your job
If your job is considered to be ‘risky’, you’ll pay more in premiums. For example, if you’re a builder or a mechanic, you’re likely to pay more than an office worker would.
Cover length
Generally speaking, the longer your policy is, the more expensive it’ll be. If you’re looking to cut costs, taking out a short-term policy is a good idea — but check how much cover you need first.
The waiting period
The longer you can wait before receiving your payout, the cheaper your premium will be. Generally, waiting periods start from about 4 weeks and go all the way up to a full year.
Your lifestyle
If you smoke, drink, or have pre-existing health conditions, you might be more vulnerable to severe illnesses, so you’d be more likely to claim; making your cover more expensive.
What are the benefits of income protection insurance?
There are a number of benefits to income protection insurance cover, including:
The peace of mind that comes with financial security;
Longer-term financial protection than other forms of insurance (for example, critical illness cover)
A regular, tax-free income during periods when you can’t work because you’ve had an accident or fallen sick
Flexibility to choose how your cover works for you, with customisable excess and waiting periods, as well as a benefit amount that’s entirely up to you
How much income protection insurance do I need?
Working out how much income protection insurance you might need is easy when you break it down into three quick steps:
Work out your monthly take-home pay and how much your usual monthly expenses are, including bills, rent or mortgage payments, and day-to-day costs
With that worked out, you then want to take away the amount of money you’d get in state benefits as well as any work-related costs (like the cost of commuting, for example)
Make sure to take into account any extra expenses you’d need to cover if you fell ill or became disabled (for example extra heating, medical equipment, mobility aids, etc)
How much will my income protection insurance pay out?
Income protection insurance is purchased directly from an insurer or through a broker, with regular premiums paid to keep the policy active. Once set up, there's usually a waiting period (also called the elimination period) before benefits begin – this can range from a few weeks to several months. After that, the insurer provides regular income payments if you're unable to work due to illness or injury, for as set benefit period that could last for a few years or until retirement, depending on your plan.
What do I need to get an income protection insurance quote?
Once you’ve figured out what kind of income protection cover you want, we’ll need some information about you, your occupation, and the type of policy you’re looking for.
Your personal
details
We’ll need info about you and your employment, including your name, age, and address; the type of job you do; and whether you’re employed or self-employed
Your income & cover details
To make sure we’re finding the right policy for you and your individual circumstances, we’ll need to know a couple things, like your annual income before tax and the amount of cover you want
Your chosen waiting period
Your waiting period is the amount of time you agree to wait before payouts begin (usually from 4 weeks to a year). The longer your waiting period, the cheaper your premiums
Frequently Asked Questions
Some policies can be taken out on an index-linked basis, which means that your payout (otherwise known as a ‘benefit’) will rise in line with inflation. An index-linked policy will.
Your income protection insurance will generally cover most injuries and illnesses, as long as they keep you from working — including serious illnesses and musculoskeletal problems.
If you rely on your income to cover everyday living expenses and would struggle to keep up with financial commitments if you couldn’t work, income protection insurance is worth considering.
Yes. Income protection is available for employees, self-employed individuals, and contractors, and self-employed cover is designed to bridge the gap left by a lack of company benefits.
Payments begin after your chosen waiting period, which usually ranges from about 4 weeks up to a full year. The longer your waiting period, the cheaper your premiums.
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