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An introduction to income protection
What are the different types of Income Protection?
At it's highest level, there are two types of Income protection policy: 1) Short-term Income Protection policies, which are otherwise known as Accident, Sickness and Unemployment (ASU) products, will generally only pay out for one or two years; 2) Long term Income Protection, these will usually provide a regular income if you are unable to work due to illness or disability until you are well enough to return to work, or until the end of the policy term.
Short Term Income Protection
There are many different Accident Sickness and Unemployment policies available, including Payment Protection Insurance (aka PPI) and Mortgage Payment Protection Insurance (aka MPPI). Payment Protection Insurance for example, usually meets the cost of a specific debt, preventing you from defaulting. Mortgage Payment Protection Insurance will cover the cost of mortgage payments for a specified time. Many Short Term Income Protection policies do not need to cover a specific debt; they can simply be used to fund your lifestyle in the event that you lose your income. You can compare policies on our Payment Protection and Mortgage Payment Protection Insurance services or if you’d like more information see our Accident Sickness and Unemployment guide.
Long Term Income Protection
Long term Income Protection, however, will usually provide a regular income if you are unable to work due to illness or disability until you are well enough to return to work, or until the end of the policy term. Unlike most Short Term Income Protection policies it will generally not cover you if you are made unemployed or redundant. When choosing Long Term Income Protection cover, make sure you know exactly which kind of plan you are buying as there are commonly two types, 'own occupation' and ‘working tasks’.
For more information on Short Term and Long Term Income Protection, see our income protection insurance guide.
When you’re looking for income protection insurance, we want to show you as many insurers as possible, so you can choose what suits you best. We can’t promise to show you every single insurer, because some don’t want to be included on comparison websites. We list your quotes from cheapest monthly payment to the most expensive. You can find out more about how we work here.