Income Protection
Replace your salary if illness or injury stops you working. Get paid monthly until you recover.
Understanding
What is Income Protection?
Income protection pays you a regular monthly income if you're unable to work due to illness or injury. Unlike critical illness which pays a one-off lump sum, income protection provides ongoing support – like a replacement salary.
Payments typically cover up to 60% of your gross salary (limited to prevent you earning more than when working). You can claim as many times as you need during the policy term.
Payments continue until you return to work, reach retirement age, or the policy ends – whichever comes first. This makes it the most comprehensive form of income replacement available.
Process
How Income Protection Works
You can't work
Illness or injury prevents you from doing your job
Waiting period
A deferred period passes (typically 4-52 weeks, chosen by you)
Claim begins
You start receiving monthly payments (up to 60% of salary)
Payments continue
Until you recover, retire, or the policy ends
Key Decision
Choosing Your Deferred Period
The deferred period is how long you wait before payments start. Longer wait = lower premiums:
4 weeks
Self-employed with no sick pay
Highest cost8 weeks
Limited employer sick pay
High cost26 weeks
6 months employer sick pay
Medium cost52 weeks
1 year sick pay or savings
Lowest costIs It For You?
Who Needs Income Protection?
Self-Employed
No employer sick pay means no income if you can't work
EssentialContractors
Often have no sick pay entitlement from clients
EssentialLimited Sick Pay
Only getting Statutory Sick Pay after a few weeks
HighMain Earner
Family depends on your income to pay bills
HighMortgage Holders
Need to keep paying the mortgage if you can't work
HighAnyone Working
Your ability to earn is your most valuable asset
ConsiderCosts
What Does It Cost?
Cover tailored to you. Premiums depend on your circumstances and the cover selected:
Your age and health
Age
the main driver of your premium
Income covered and deferred period
Cover
a longer wait usually costs less
Occupation and smoker status
Lifestyle
insurers price these differently
Tax treatment depends on how cover is arranged. We don't provide tax advice, but we can introduce you to an accountant if required.
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