Accident and sickness cover
This pays a monthly amount if a serious injury or illness prevents you from working. Some policies may also cover mental health conditions.
Income protection insurance
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1Correct as of February 2024.
What is income protection insurance?
Income protection is a type of insurance that pays a regular monthly income if you are unable to work due to illness or injury. It typically replaces between 50% and 70% of your income.
Payments begin after a chosen ‘deferred period,’ (such as six months), and policies continue to pay out a monthly amount over a long period of time until you are fit enough to return to work – or until you retire.
(A ‘deferred period’ is the period between you becoming unable to work and your policy starting to pay out. This can range from one week, four weeks, eight weeks– right up to 52 weeks).
Income protection is often marketed to the self-employed, and can be especially important to these individuals as they won’t normally receive employer sick pay.
That said, it is also available to the employed.
Income protection FAQs
Is income protection the same as ASU?
No. While accident, sickness and unemployment (ASU) insurance is a related product, it is a different type of policy.
Both are designed to replace some of your income if you are unable to work because of illness or injury. However, ASU typically provides short-term cover – and, depending on the policy, may also include protection against redundancy.
(As explained above, income protection is generally designed to pay a regular income if you can’t work and can continue to pay out for much longer).
ASU policies may be cheaper than income protection but may also not be as comprehensive. (more below)
Does income protection cover redundancy?
No. Traditional income protection insurance does not include unemployment or redundancy. It only pays out if you’re unable to work due to illness or injury.
By contrast, unemployment cover is generally offered as part of ASU, with policies covering involuntary redundancy, and typically paying benefits for a limited period, such as up to 12 months.
Is income protection the same as PPI?
No. If you’re unable to work, payment protection insurance (PPI) policies are designed to cover a single debt, such as a personal loan, from one lender. They will pay you for a set period of time, but are usually short-term. PPI is not as comprehensive as income protection, and has been largely withdrawn following the mis-selling scandal.
What can income protection cover?
Different policies protect against different risks. Some cover illness and injury only, while others also cover for redundancy.
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Unemployment cover
This pays a monthly amount if you unexpectedly get made redundant. It does not cover voluntary redundancy or dismissal for misconduct. Benefits are usually paid for a limited period.
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Accident, sickness and unemployment (ASU) cover
This combined cover offers protection if you’re unable to work due to illness, injury or forced redundancy.
When should you consider income protection?
Income protection may be worth thinking about if you rely on your income to cover essential bills and would struggle financially if you couldn’t work due to illness or injury.
It could be particularly useful if:
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You have dependants
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You have a mortgage, rent or other debts to repay
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You don’t have sick pay (or if your employer doesn’t offer generous sick pay)
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You don’t have sufficient savings to cover several months’ worth of essential expenses
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You’re the main earner in the household
How does income protection work?
Income protection pays out a regular sum of money if you’re unable to work. Here’s how it usually works:
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Apply for income protection
When applying for a new policy, you’ll need to give personal and financial details about your health, job, income and lifestyle. You can then compare insurers, cover levels and prices to find the right one for you.
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Choose your level of cover
You can decide how much of your income you want to protect, how long you’d like payments to last, and how long you’re willing to wait before your policy starts paying (known as the ‘deferred period’).
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Claim if you can’t work for a reason covered by your policy
If you’re unable to work because of illness or injury, you need to submit a claim. To do this, you’ll need to contact your insurer to explain what’s happened. If your claim is approved (and your ‘deferred period’ has ended), your provider will then arrange for regular monthly payments to be made to you.
Did you know...
Just 6% of the population had any form of income protection (including employer sick pay schemes) in 2021, according to the Income Protection Task Force (IPTF).
What can I cover with income protection?
When you buy income protection, you can choose which outgoings you would like a policy to cover.
This can include:
your income
your mortgage or rent costs
loan or credit repayments
other expenses, such as household bills or childcare fees
You will also need to decide how long you would need the money to be paid out for. There are long and short-term policies to choose from and you’ll usually need to choose between the money being paid out for a set period of time, say two years, or until you retire.
How much is income protection?
The cost of income protection can vary according to a number of factors, including your occupation, state of health, level of cover and the ‘deferred period.’ The cost may also change over time, depending on whether you opt for ‘fixed’ or ‘reviewable’ premiums. With fixed premiums, the price stays the same throughout the policy, whereas reviewable premiums can increase when the insurer reviews your policy.
Here are some of the factors that can have an impact on the price you pay:
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Your salary
As the monthly amount you get is usually based on your earnings, having a higher salary usually means that your policy will be more expensive
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Your occupation
Jobs that are more physically demanding, or which carry a higher risk of illness or injury, are typically more expensive to insure because you are more likely to make a claim
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Health and medical history
Having pre-existing medical conditions can make income protection policies more expensive. Always answer your insurer’s questions honestly, and never withhold information, as this could invalidate a future claim
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Level of cover
The more of your income you choose to protect, the higher your premium will be. In other words, opting for a greater percentage will increase the cost of your policy
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Your deferred period
Opting for a longer ‘deferred period,’ the length of time before the cover kicks in, can help save you money. However, it also means that you will need to be able to financially support yourself for longer while you aren’t working
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Pay-out term
Policies that pay benefits for longer, especially those that pay out until retirement age, are more expensive than those that have a limit on the length of each claim
Types of income protection insurance
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‘Own occupation’ cover
This means you can claim on your income protection policy if a medical condition prevents you from working in your specific job (even if you could work in a different role). Your medical condition doesn’t need to be debilitating. This is the easiest type of policy to claim on.
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‘Suited occupation’ cover
You can only claim if an injury or illness prevents you from working in your own occupation, or any similar occupation that matches your qualifications, even if that role has a lower salary than yours.
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‘Any occupation’ cover
You can only claim if your medical problems prevent you from working altogether. Your insurer would have to decide that you are unable to work in any occupation to approve your claim. This type of cover is generally the hardest to claim on.
Our expert says…
‘The number of individuals who are unable to work because of long-term sickness has risen to around 2.8 million people of working age, according to figures from the Office for National Statistics.*** This is the highest level on record and highlights the growing financial impact that ill health can have on households. Many of us may overestimate the amount of help we’d get from the State if we get signed off work long term, as Statutory Sick Pay is just £123.25 a week.**** For many people, this is not enough to cover all expenses. The good news is, thanks to income protection insurance, there are way you can protect yourself should poor health mean you are unable to work. And this type of cover is more affordable than you might think’
*** LFS: Econ. inactivity reasons: Long Term Sick: UK: 16-64:000s:SA - Office for National Statistics
Kara Gammell Personal Finance & Insurance Expert
What are the alternatives to income protection?
Income protection isn’t the only way to protect yourself financially if you’re unable to work. Depending on your circumstances, you might want to consider these alternatives:
1) Mortgage Payment Protection Insurance (MPPI)
This is designed to cover some or all of your monthly mortgage payments if you are off work due to illness or injury. Some policies also offer cover for being made redundant. Unlike income protection, MPPI is based on your mortgage payments, rather than your income, and is usually paid for a limited period, often up to 12 months.
2) Accident, sickness and unemployment (ASU)
This provides a short-term monthly income if you are unable to work because of illness or injury, and depending on the policy, may also cover redundancy. It pays a tax-free proportion of your lost salary every month, usually for up to 12 or 24 months, to help cover essential living expenses until you’re back on your feet.
3) Critical illness cover
This pays a tax-free lump sum if you are diagnosed with a serious condition covered by the policy, such as heart attack, stroke or cancer. You can decide how to use the money, such as paying bills or reducing debts. Unlike income protection, critical illness cover doesn’t pay an ongoing monthly income.
4) Life insurance
While this insurance doesn’t replace your income while you’re alive, it pays a lump sum if you die during the policy term, helping your family cover living costs, debts or a mortgage.
Speak to an adviser
Income protection can be taken out in addition to life insurance as an extra safety net. But it’s worth speaking to an advisor who can talk you through your options and guide you towards the right cover for your individual circumstances.
Get tailored income protection insurance quotes
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Save time
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By comparing prices and features, MoneySuperMarket helps you find an income protection policy that suits your needs and budget.
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Compare with confidence
We’ll show you the key information you need to know about each policy, including cover, premiums and benefits, helping you make an informed decision before you buy.
Will income protection cover me if I lose my job?
Income protection will pay out if you lose your job as long as you have the right cover. With an accident and sickness policy, you will be covered only if a medical condition causes you to lose your job. If you have unemployment cover included in your policy, then you will also be able to claim for forced redundancy.
However, there are exclusions to consider. Unemployment cover won’t protect you if you lose your job due to poor performance or industrial action. Unemployment cover also won’t cover you if you voluntarily left your job.
Does income protection cover mortgage repayments?
If you have calculated the cover you need correctly, your income protection benefits can cover your mortgage repayments as well as your basic living expenses.
If you are looking for a financial protection insurance that covers only your mortgage repayments, then you also have the option of taking out mortgage payment protection insurance. Mortgage PPI is usually cheaper than income protection insurance. While this insurance type is unlikely to cover your day-to-day expenses, it can cover some or all of your mortgage repayments.
Does income protection cover the self-employed?
Yes, income protection will cover you if you are self-employed. Rather than benefits being based on a salary, your income protection benefits are calculated from your average monthly earnings.
There may be a difference in terms for self-employed policyholders, however. For example, self-employed professionals and business owners technically cannot claim for unemployment cover with an income protection policy because they cannot be forcibly made redundant. They will only be covered for accidents and sickness.
How long will income protection cover me if I’m out of work?
Policies can last until you reach retirement age. However, the length of time during which you can claim benefits will depend on your policy and the type of cover you want. Most policies that cover unemployment - either unemployment cover only or ASU cover - have a limited claim duration, which is usually one or two years. You can still claim multiple times on these policies but each claim has a time limit.
However, some accident and sickness policies can pay out until you reach retirement age if your medical condition is serious enough to prevent you from working for that long. As well as being able to claim multiple times, these policies allow you to claim continuously on a long-term basis.
Make sure you read the terms of your policy carefully to find out if any claim duration limits apply to your cover.
Will my income protection benefits change with my salary?
Yes, you can adjust your income protection benefits to match any changes in your salary. Your income protection benefits should be based on your most recent salary before you became unable to work.
If your salary decreases and you need to adjust your policy's cover, you should inform your insurance provider. They will calculate your new income protection benefits based on your new salary. Depending on the terms of your policy, this may mean that your premiums will change as well. Make sure you read your policy documents carefully to determine if this is the case.
Does my sick pay/ state benefits affect my income protection claims?
Depending on the terms of your income protection policy, your income protection benefits can be affected by any sick pay or state benefits that you claim. Some income protection polices will deduct these amounts from your income protection benefits while you receive them, so the total income you receive from your insurance, sick pay, and state benefits will be equal to the proportion of your salary that your income protection policy is supposed to cover.
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