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Income Protection Insurance

Income Protection Insurance

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About Income Protection insurance

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One million people across the UK find themselves unable to work due to an injury or illness every year. With income protection insurance, you can make sure that you can gain coverage if you are unable to work for reasons like this. Income protection insurance could be vital if you do not have the savings to cover short or extended time off work. In cases like this, you will need another way to handle the cost and income protection insurance could provide the solution.

This is also sometimes referred to as permanent health insurance. It is a long term policy that may provide support until you can return to work or you retire. With this form of your insurance, part of your income will be paid due to illness or disability and this does cover a wide variety of short and long term illnesses. You can also claim as many times as you need to through the policy. As well as providing coverage for cases of illness or injury, certain plans will also provide support if you face redundancy.

You might think income protection insurance is only beneficial to those with children or dependents, however, this is not the case. This coverage could be beneficial to anyone who would struggle to pay the bills if they were suddenly unable to complete their job.

If you are wondering whether income protection is right for you, make sure you know exactly what your employer will provide while you are off sick. This could be significantly less than you assumed.

Income protection insurance will be particularly beneficial for those who are self-employed. When you are self-employed, you won’t be able to gain access to sick pay. As such, being unable to work will immediately begin to impact your finances. By 2020, 50% of the UK workforce is expected to be operating remotely and a significant percentage will be working as sole traders. As such, income protection could be crucial to ensure financial stability.

Types Of Income Protection Insurance

Shareholder protection insurance is a life insurance policy designed to facilitate the buy back of shares from a deceased shareholder.

The three main types of income protection insurance are:

  • Long-term
  • Short-term
  • Accident Sickness and Unemployment

Long Term 

This will provide coverage if you suffer a severe illness or a terminal illness which means that you are unable to work. Typically, this plan will pay out until you can return to work or reach a particular, pre-defined age. You will often need to take a medical examination before coverage is provided.

Short Term 

This coverage is fully underwritten and provides coverage that is set in stone from day one. Customers do not need to worry about needing to argue over clauses or terms later on as everything included in the original legal document will be upheld. It’s widely available to self-employed individuals and those on fixed-term contracts. Typically, a plan like this will cover a max of 24 months.

Accident Sickness And Unemployment

ASU is recommended for individuals who are worried about how they would cope financially if they lost their job due to redundancy. ASU policies can cover anything from a few months to a few years. With this plan, the premium rolls over each month and the policy is easy to arrange without the need for formal procedures.

Ultimately, with Income Protection Insurance, you can gain the peace of mind that you need that your finances will remain healthy if you are unable to work for a variety of reasons.

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Meet Our Team

Our dedicated team are here to offer you expert FCA qualified advice along with 1st class support to make sure the process is fast and simple

meet our team

Jody Pearmain
Jody Pearmain

Managing Director & Founder (My Key Finance Ltd)

Lori Norton
Lori Norton

Administration Manager at (My Key Finance Ltd)

Tyler Pearmain
Tyler Pearmain

Senior Keyman Insurance Adviser at (My Key Finance Ltd)

Keri Gardiner
Keri Gardiner

Customer Service & Website Admin at (My Key Finance Ltd)

Income Protection Insurance FAQ

Still have questions about income protection insurance Hopefully our FAQ will help:

Key Person FAQ

When you claim income protection on your policy, it is possible that your state benefits will be reduced. Be aware that income protection is not designed to cover the full amount that you would receive in your job. Instead, most plans will provide about 50% coverage. The good news is that the payments you receive are tax-free, but you will still likely see significant alteration to the benefits you claim. How much income protection alters benefits will be determined by your individual policy as well as the percentage of your income that you are claiming.

Income protection can be used to support dependants while you are still alive. However, unlike life insurance, this coverage can not be used to ensure that dependants receive payments after you pass away. If you pass away during the length of your plan, your dependents will not receive payments. Your coverage will also stop after you retire or pass away, regardless of whether you have a long term income protection insurance plan in place.

It’s possible for you to claim more than one time on an income protection policy. As an example, you might be diagnosed with a severe illness that means that you are unable to work. As such, you could decide to claim on your insurance to provide you with the financial support that you need. After a period, the illness could go into remission and you might be able to return to work. When this happens, payments from your policy will stop but your insurance coverage could continue, assuming you are still paying the monthly premium.
It’s then possible that your illness returns. At this point, assuming that your policy is still valid, you could claim again. In some cases, the number of times you claim and the duration you claim for may impact your premium. It’s also possible to claim for two completely separate health issues. For instance, you might claim first for an illness and then later in the policy you could need to claim for an injury. With long term policies, it’s quite common for individuals to claim multiple times over the course of their working career.

Income protection is designed to provide cover for any illness or injury that means you are unable to work. As such, if you suffer a disability that means you are unable to work, you will be able to claim on this insurance plan. However, this will only provide coverage for the length of the plan you have taken out. Long term insurance plans can continue to pay until you retire, pass away or reach an age that is set in the policy terms. As such, it is possible to arrange a plan that will cover a disability which means you are unable to work for the rest of your life. 
It is also possible to claim an existing disability that has gradually become worse and left you unable to work. Be aware that insurance protection plans will often include you providing information on any illnesses or disabilities that you already suffer from. This will impact the premium for your coverage. You may also find that certain permanent disabilities are not covered as part of specific plans. This is another detail you should enquire about when exploring different income protection quotes.

The amount of time income protection is paid for will differ depending on your policy. Short term policies will cover anything from a couple months to a couple years. In contrast, long term policies will typically continue to payout until you retire or until you are able to return to work. It’s important to discuss the length of the policy when you are applying for this type of coverage. You need to make sure that the length of coverage suits your needs.

Typically, you will have to wait about four weeks after you stop working before your payments begin. This duration is called the waiting period. While some policies have waiting periods as long as two years, this is quite rare. However, premiums can cost less if you are happy to take a policy with a longer wait period.

You can not claim income protection if you are working. Income protection insurance is specifically designed to provide support during a time when you are unable to work. You will face serious issues if you attempt to claim while you are still able to work and thus earn a full income. Theoretically, you may still be able to earn some form of income and claim on your coverage. However, this will drastically impact the level of payout that you receive.

Income protection insurance covers a wide range of illnesses. The types of illnesses that are covered will differ depending on the policy and the company that you choose. However, you could get cover for anything from illnesses caused by stress to a serious heart condition. Essentially, if an illness means that you are unable to work, then it will be covered under your plan. So, you could have back cancer that means that you are unable to sit at a desk all day or you might be suffering from RSI. Illnesses and conditions like this will typically be covered. However, it is worth asking about what illnesses are covered before taking out a policy. The full list of illnesses covered can differ from company to company.

Income protection insurance plans can be incredibly affordable. In the UK, you can set up a plan of coverage starting at £10 a month. Typically, people will pay between £50 and £100 each month for their coverage. Be aware that this also depends on the type of policy you choose. Short term policies are more affordable because they do not offer an extended level of coverage. If you are interested in finding out how much your income protection is likely to cost, you can consider using an online calculator. These calculators help you discover how much cover you need and will give you a good idea of your premium. At, we strive to deliver the absolute best quotes to our clients and ensure that you can save more on your policy. Be aware that quotes will always differ from company to company. This is another reason why you should shop around the market for the best option to suit your financial needs.

How can I compare income protection policies?

There are multiple ways to compare income protection policies. You can use a comparison website like compare the market. One of the great advantages here is that you can arrange for the companies with the best quotes to contact you directly. You can also contact companies individually and ask for an income protection quote. Make sure that you research the best companies and pay particular attention to customer care standards. It’s important that you find a business which will offer the full support you need.

Will having income protection insurance affect my sick pay?

Income protection insurance will not impact your sick pay. Instead, the insurance is designed to provide cover once the sick pay ends. Employees differ on how long they will provide financial support to an employee who is injured or has fallen ill. The longer you are provided sick pay, the longer you will be able to hold off claiming on your insurance coverage.

Can I have more than one income protection policy?

Theoretically, you can take out as many income protection policies as you like. However, you will be limited to only being able to cover a set percentage of your income. You can’t change this by taking out more policies and you need to make sure that you don’t exceed the max allowed. 
If you do make a claim, you will be asked whether you have a continuing income. This does include any other insurance policies that you have taken out. If you have multiple insurance policies then this will impact the level of cover that you are provided. Depending on the plan you choose you may be able to cover up to 65% of earnings and you can do this across multiple plans.

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