• Car
    • Car Insurance
    • Specialist Motor Insurance
    • Motorbike Insurance
    • Compare Young Driver Insurance Quotes
  • Home
  • Life
  • Health
    • Health Insurance
    • Impaired Life Insurance
  • Travel
  • Sports
  • Student
  • Commercial
    • Commercial Property Insurance
    • Services
  • Over 50
  • Other
    • Pet Insurance
    • Other Insurances
  • Income
  • News
Insurance Supermarket
Insurance Supermarket
  • Car
    • Car Insurance
      Compare Car Insurance Quotes

      Compare Car Insurance Quotes

      Types of car insurance policies

      Types of car insurance policies

      Prestige Car Insurance

      Prestige Car Insurance

      Classic Car Insurance

      Classic Car Insurance

    • Specialist Motor Insurance
      Compare Convicted Driver Insurance Quotes

      Compare Convicted Driver Insurance Quotes

      Compare Gap Insurance

      Compare Gap Insurance

      Compare Imported Car Insurance

      Compare Imported Car Insurance

      Compare Kit Car Insurance Quotes

      Compare Kit Car Insurance Quotes

    • Motorbike Insurance
    • Compare Young Driver Insurance Quotes
  • Home
    Home Emergency Insurance

    Home Emergency Insurance

    Compare Home Insurance

    Compare Home Insurance

    Thatched Roof Home Insurance

    Thatched Roof Home Insurance

    Unoccupied Home Insurance

    Unoccupied Home Insurance

    Specialist Home Insurance

    Specialist Home Insurance

  • Life
    Life Insurance Policy Types

    Life Insurance Policy Types

    Mortgage Protection Insurance

    Mortgage Protection Insurance

    Compare Quotes for Life Insurance

    Compare Quotes for Life Insurance

    Income Protection Insurance

    Income Protection Insurance

    Compare Life Insurance

    Compare Life Insurance

  • Health
    • Health Insurance
      International Health Insurance

      International Health Insurance

      Health Cash Plan

      Health Cash Plan

      Health Insurance

      Health Insurance

      Diabetic Health Insurance

      Diabetic Health Insurance

    • Impaired Life Insurance
      Multiple Sclerosis

      Multiple Sclerosis

      Obesity

      Obesity

      Impaired Life Insurance

      Impaired Life Insurance

      Mental health

      Mental health

  • Travel
    Compare Travel Insurance

    Compare Travel Insurance

    Travel Insurance

    Travel Insurance

    Volcanic Ash Cover

    Volcanic Ash Cover

    Ski Travel Insurance

    Ski Travel Insurance

    Travel Insurance Cover For Repatriation

    Travel Insurance Cover For Repatriation

  • Sports
    Sports and Fitness Instructor Insurance

    Sports and Fitness Instructor Insurance

    Sports Injury Insurance Cover

    Sports Injury Insurance Cover

    Adventure Sports Travel Insurance

    Adventure Sports Travel Insurance

  • Student
    Compare Young Driver Insurance Quotes

    Compare Young Driver Insurance Quotes

    Student Room Insurance

    Student Room Insurance

    Student Bicycle Insurance

    Student Bicycle Insurance

    Student Car Insurance

    Student Car Insurance

    Students Contents Insurance

    Students Contents Insurance

  • Commercial
    • Commercial Property Insurance
      Tradesman Insurance

      Tradesman Insurance

      Beauty Salon Insurance

      Beauty Salon Insurance

      Shop Insurance

      Shop Insurance

      Surgery Insurance

      Surgery Insurance

    • Services
      Compare Motor Fleet Insurance

      Compare Motor Fleet Insurance

      Truck Insurance

      Truck Insurance

      Taxi Insurance

      Taxi Insurance

      Van Insurance

      Van Insurance

  • Over 50
    Over 50s Travel Insurance

    Over 50s Travel Insurance

    Over 50s Private Medical Insurance

    Over 50s Private Medical Insurance

    Over 50's Life insurance

    Over 50's Life insurance

    Over 50s Home Insurance

    Over 50s Home Insurance

    Over 50s Health Insurance

    Over 50s Health Insurance

  • Other
    • Pet Insurance
      Compare Horse Insurance

      Compare Horse Insurance

      Compare Horsebox Insurance

      Compare Horsebox Insurance

      Horse Insurance

      Horse Insurance

      Horsebox & Trailer Insurance

      Horsebox & Trailer Insurance

    • Other Insurances
      Trailer Tent Insurance

      Trailer Tent Insurance

      Will Writing

      Will Writing

      Guide to Wedding Insurance

      Guide to Wedding Insurance

      Musical Instrument Insurance

      Musical Instrument Insurance

  • Income
  • News
Income Protection Insurance

Income Protection Insurance

Life

What is income protection insurance?

Income protection cover is aimed at guaranteeing you an income should you be unable to work as a result of an accident, sickness and unemployment.

There are various kinds of cover available. It is vital to work out the differences between them in order that you choose the correct policy for you.

Can we help you find Income Protection Insurance?

Get a FREE quote for income protection insurance by filling in the short form below. This will connect you with regulated insurance providers who will then contact you directly by phone where you will be able to discuss the policy details and your requirements with them.

Please Note: All quotes are provided through Quotezone and their panel members who are all authorised and regulated by the Financial Conduct Authority.

Which type of income protection would I need?

The type of income protection you need is dependent on how long you need your policy to pay you an income.

Short-term income protection policies, also referred to as Accident, Sickness and Unemployment (ASU) products, usually pay out for a year or two. There is a vast range of ASU policies available, including payment Protection and Mortgage Payment Protection Insurance.

Payment protection insurance normally covers the cost of a particular debt, which stops you from defaulting. Mortgage payment protection covers your mortgage payment costs for a set time period.

With both these policies, your insurer pays you directly. Subsequently, you need to meet the payment or cover your debt. Most short term income protection policies do not have to cover a particular debt; you can use them to fund your lifestyle in case you lose your income.

Long term income protection normally provides you with a regular income should you be unable to work as a result of illness or disability, up to when you are well enough to return to work, or until the policy term ends. It does not cover you should you be made redundant.

Should you claim on an income protection policy, you have to wait a while prior to it paying out and you can normally choose the time period. This waiting period is referred to as the ‘deferred period’; it can vary from a day to 104 weeks. Opting for a longer deferred period can enable you to lower the cost of premiums.

Long term income protection

When selecting long term income protection cover, ensure you are aware of precisely which type of plan you are purchasing. There are two policy types you can select from.

One policy type can specify ‘own occupation’, that is, the policy pays out should the policyholder be prevented from undertaking any part of his or her own job due to accident or illness.

On the other hand, dependant on your occupation you could qualify for a policy on a ‘working tasks’ basis. This means it is only going to pay out should you be unable to undertake specific day to day living tasks. Say as a builder you incur a back injury and are unable to perform in your own job, your policy is not likely to pay out given that you are still able to undertake the pre defined ‘working tasks’. The best policies of course are those that pay out should you be unable to undertake your own job, however, the premiums for such policies are costly.

What level of income protection cover do I need?

Normally you are able to insure around 50% of your gross salary free of tax. You are not allowed to insure for more than your gross salary, as insurance does not permit you to profit from your situation.

Carefully consider the amount you need every month to live in order that you are not under-insured. Should you opt for a longer term income protection policy as opposed to shorter term payment protection linked to a particular debt, ensure that you account for your fundamental monthly outgoings like your mortgage, Council Tax, food and utility bills.

Check other income cover benefits you may qualify for

First and foremost find out whether or not you are eligible for other benefits should you be unable to work prior to opting for any kind of income protection cover. Legally all employers have to pay the majority of employees statutory sick pay for up to 28 weeks. Thereupon you are likely to have to depend on state benefits.

Certain employers do have group income protection insurance in place for employees. Therefore, first look at your sick pay arrangements in your contract of employment as you will need money when you are no longer receiving any income.

Of note is that certain income protection policies can decrease what they pay out should you receive state benefits or claim money from any other insurance policy. So, it always pays to read the small print with care.

Income protection policy premiums

Monthly income protection premiums are dependent on various factors. The younger you are, the less expensive the premiums are likely to be, given that older people are more likely to become ill.

Moreover, your job relates to the amount you pay. Premiums, say, for an office worker are lower that those for a miner, as office work is generally a more safe occupation compared to mining.

Furthermore, smoking increases your cost of cover, as smokers are more likely to become ill.

Premiums can also be more expensive for females, as statistically they have a higher likelihood of claiming for conditions like stress, depression, breast cancer and hysterectomies.

You may not be permitted to take out this kind of cover should you have pre-existing health problems or in an especially dangerous job, as insurers are highly likely to consider you high risk.

Explore Income Protection Insurance

Income Protection Insurance

  • Income Protection Insurance

Related Insurance

  • Mortgage Protection
  • Car Insurance
  • Home Insurance
  • Health Insurance
  • Dental Insurance
  • Health Cash Plan






Facebook Twitter Google+ LinkedIn Pinterest Tumblr VKontakte WhatsApp

Related Articles

Weighty issues for firms over life insurance cover

Seriously obese adults in Sheffield may be at risk of being denied health insurance cover due to their...

Ways to save on your car insurance

Pay-as-you-drive car insurance could help some save money, according to one company . Erik Nelsen, a...

Whiplash insurance claims clampdown gains support

The government's clampdown on car insurance claims related to whiplash injuries is gaining support, new...

Latest News

  • Child Health Insurance Market to See Booming Growth : William Russell, Axa, Zurich Insurance Group - Insurance News Net

    25th June 2022

  • Term Life Insurance and Re-Insurance Market May See a Big Move: Major Giants AXA, AIG, Prudential Financial, AIA, Chubb - Insurance News Net

    25th June 2022

  • HDFC Life Insurance Company Gains On Rolling Out 'Cardiac Risk Assessment At Home' - Udaipur Kiran - Udaipur Kiran

    25th June 2022

  • Canadian insurance firms in U.S. move to extend health benefits after Roe v. Wade overturned - The Globe and Mail

    24th June 2022

  • 7 reasons why you need to buy health insurance if you havent already - Free Press Journal

    24th June 2022

  • On jobseeker, I often just had one meal a day. Now I am worried I’ll need to get used to that again - The Guardian

    23rd June 2022

Retrieve Quotes

Looking for a specific insurance quote? Select one of the categories below and start the process.

Go

Advertisement




  • About
  • Contact Us
  • Disclaimer
  • Advertise
  • Privacy Statement
  • Cookie Policy
  • Back to top
© Insurance Supermarket 2018. All rights reserved.