Income Protection, for When Work Suddenly Isn't an Option
Most people insure their phone before they insure their income, even though their income is what actually pays for everything else. Income protection replaces part of your income if you can’t work due to illness or injury, whatever the cause, so the mortgage and the bills don’t stop just because you can’t.
It’s especially worth talking about if you’re self-employed or wouldn’t get much from your employer beyond statutory sick pay.
Who This Matters Most For
Self-Employed
Self-employed people, with no employer sick pay to fall back on at all.
Limited Sick Pay
Anyone whose employer’s sick pay is limited or drops away quickly.
Sole Earners
Sole earners, where one income covers the mortgage and there’s no second income as a buffer.
Income Protection vs Critical Illness Cover
These get confused often, and they do different jobs. Income protection pays out for any illness or injury that stops you working, for as long as that lasts, and generally pays a regular income. Critical illness cover pays a one-off lump sum, but only for a specific list of serious conditions. Many people who can afford it hold both, since they cover different situations.
How it Actually Works
You choose a percentage of your income to insure, usually up to around 60 to 70%, and a deferred period, how long you’d wait before payments start, often matched to whatever sick pay or savings you already have to fall back on. Cover typically continues until you can return to work, reach retirement age, or the policy term ends, depending on how it’s set up.
Why People Choose Us
We explain the deferred period properly
Getting this wrong means either paying more than you need to or having a gap before payments start that catches you out. We’ll match it to your actual sick pay and savings, not a default setting.
We know self-employed cases aren't standard
Insurers ask different questions if you’re self-employed, and cover needs assessing differently too. We won’t treat your application like an employed applicant’s by default.
We revisit it as your situation changes
A change in income, a new mortgage, going self-employed, these are all reasons to review your cover, not just set it up once and forget it.
Income Protection FAQs
How much of my income can I insure?
Typically up to around 60 to 70% of your gross income, though the exact figure depends on the insurer and your circumstances. We’ll work out a sensible figure with you rather than default to the maximum.
Does income protection cover redundancy?
Not usually on a standard policy, redundancy cover is a separate, optional add-on (often called accident, sickness and unemployment cover) if you want that included too.
How long does income protection last?
It depends how the policy is set up, some pay out until you can return to work, others until retirement age or the end of a set term. We’ll talk through which structure fits your situation.
Is income protection worth it if I'm self-employed?
Often more so than for employed people, since there’s usually no employer sick pay to fall back on at all. Worth a proper conversation rather than assuming it’s not relevant to you.
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Ready to Talk it Through?
Let’s find out what level of cover actually makes sense for how you earn.
Prefer to talk right now? Call 0800 1 777 333