Compare income protection quotes to find a policy that could pay out if you are unable to work.
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Last updated: 14 August, 2020
Income protection insurance covers you if you can't work because of illness or injury. It’s a kind of salary protection insurance to make sure you get a regular income until you retire or go back to work.
Income protection cover is different from critical illness cover. Critical illness cover pays out a lump sum if you develop a life-threatening illness.
To find the best income protection insurance policy, compare as many income protection quotes as you can. That way you can find the best income protection insurance for your situation, not just the cheapest price. Here’s more about how income protection insurance works.
An income protection insurance policy can be either short-term or long-term.
A short-term income protection insurance plan can cover you for involuntary redundancy. But it's normally limited to a set time period.
For long-term income protection insurance, UK providers will usually cover you until you return to work, retire, or pass away. Or it covers you until the income protection cover ends.
There are other types of loss of income insurance. These include guaranteed policies, reviewable policies and age-related policies. Make sure you buy the best income protection insurance policy for your needs, not just the cheapest policy.
Guaranteed policies have fixed monthly premiums. That means you know exactly what you'll have to pay each month for your income protection cover.
Reviewable policies let you change your level of income protection insurance after a set term.
Age-related policies are when the premiums increase as you get older. But your occupation or lifestyle has no effect on your premium.
Work out what your monthly expenses are, and think about how you’d cover them if you lost your income. If you couldn’t afford to pay your bills, it might be worth your while to consider an income protection insurance policy.
Salary protection insurance can be especially useful if you're self-employed or a freelancer. It’s also handy if you’re a contractor. Without an employer, you don’t get benefits such as sick pay. Here’s more information on how to decide if you need income protection cover.
With the best types of income protection insurance, UK providers will give you the income cover you need. It’ll also cover you for the length of time you want and offer the cheapest monthly premiums.
To find the cheapest policy, compare income protection insurance policies from as many insurers as possible. Getting lots of income protection quotes means you can choose the cheapest income protection quote that meets your needs.
When you apply for an income protection plan, make sure you share correct information about yourself. If you don’t, your income protection cover might not be valid and you won’t get a payout. For example, don’t say that you’ve never smoked if that’s not the case.
An income protection plan can cost as little as £10 per month. Others cost more than £80 per month.
It’s important to find the best income protection for your needs. But, while you must look for the best income protection policy for you, the cost will also affect your decision. The price depends on your situation and what you’re looking for. Factors that affect the price include your age, the length of your policy and the level of maximum cover.
For example, it’s likely that your premium will be higher the older you are. Similarly, your policy will cost you more, the longer you’re covered for, or the larger the amount of cover is.
Some policies cover for illness and injury, while others cover for unemployment too. You should bear these factors in mind when deciding which income protection insurance quote to choose.
Yes, but you will need to provide a year's audited accounts to prove your income when you apply. Find self employed cover here.
Most insurers offer cover up until you retire, but others specialise in shorter term cover for 12 or 24 months.
You can get cover for redundancy, but you will not get a payout if you get fired. Find out more about income protection here.
Some insurers could offer to cover 100% of your income, but still set a maximum amount, e.g. 100% of your income or £50,000 a year.
No, income protection only covers your income for the term of your policy. Look for a life insurance policy if you want a payout for dying.