Let's talk.

Income Protection Insurance

Income protection is a way to keep the money coming in when you can’t work. Whether you’re sick, injured or laid off, income protection will provide a monthly income so you can live your life with financial security.

If you could only choose one insurance policy, most people would say they want life insurance. But there’s another type of protection that can be just as important–income protection. Income protection is a way to keep the money coming in when you can’t work. Whether you’re sick, injured or laid off, income protection will provide a monthly income so you can live your life with financial security.

This is an important policy to have because, let’s face it, nobody knows when something bad is going to happen. You could get sick and be out of work for months, or you could lose your job in a layoff. And if you don’t have income protection, you could find yourself in a very difficult financial situation.

Types of Income protection insurance.

There are two main types of income protection: short-term and long-term.

Short-term income protection will cover you for a specific period of time, usually between six months and two years.

Long-term income protection will cover you In either case, you would need some way to keep paying your bills while you’re not working.

Income protection – the ins and outs

With any type of insurance, it is important to understand what is included and what is not included. When it comes to protecting your income, it is important that you understand all aspects and to find the best cover for you.

Income protection insurance typically covers a portion of your income if you are unable to work due to illness, injury, or disability. The amount of coverage will vary depending on the specific policy and the individual’s circumstances, but generally, income protection insurance can provide coverage for:

Accidents or injuries that prevent you from working
Illnesses or medical conditions that prevent you from working
Total or partial disabilities that prevent you from working
Redundancy or involuntary job loss (in some policies)
Temporary or permanent disabilities that prevent you from working
Other conditions specified in the policy.

It’s important to review the terms and conditions of your policy carefully to understand what is covered and what is not covered by your income protection insurance.

While the specific terms and conditions of an income protection insurance policy may vary, there are typically some things that are not covered. Here are some examples:

Pre-existing medical conditions – many policies will not cover a medical condition that existed before the policy was taken out, or if it is a condition that is likely to cause you to take time off work in the future.
Intentional self-inflicted injuries – injuries caused intentionally or by taking part in dangerous activities, such as extreme sports or criminal activity, may not be covered.
Substance abuse or alcoholism – time off work due to substance abuse or alcoholism may not be covered.
Mental health conditions – some policies may exclude cover for certain mental health conditions, such as stress or depression, or may only cover these conditions for a limited time.
Waiting periods – most policies will have a waiting period before the benefits kick in, meaning you may not be covered for a certain amount of time after you become unable to work.
Pregnancy or childbirth – some policies may not cover time off work due to pregnancy or childbirth.

It’s important to review the terms and conditions of your policy carefully to understand what is and isn’t covered by your income protection insurance.

Income Protection vs Critical Illness protection

Income protection insurance and critical illness protection are two different types of insurance policies that provide different types of coverage.

Income protection insurance is designed to provide a regular income to an individual if they are unable to work due to an illness, injury, or disability. The income provided by the insurance policy can help the individual to cover their living expenses and other financial obligations during the period they are unable to work.

Critical illness protection, on the other hand, provides a lump sum payment if the policyholder is diagnosed with a serious illness specified in the policy, such as cancer, heart attack, or stroke. The lump sum payment can be used to cover medical expenses, pay off debts or mortgages, or to cover living expenses during the period of recovery.

The key difference between the two types of insurance is the type of coverage they provide. Income protection insurance provides ongoing support to cover living expenses if the policyholder is unable to work due to an illness, injury or disability, while critical illness protection provides a one-time lump sum payment if the policyholder is diagnosed with a specific serious illness specified in the policy.

It’s important to review the terms and conditions of each policy carefully to understand what is covered and what is not covered, and to determine which type of coverage is best suited to your individual circumstances and needs.

Get your income protection insurance quote today

Compare key income protection for the best deal for you.

Our team of UK life insurance brokers search the entire insurance market and compare the best insurance protection cover quotes to get the best one for your situation and needs.

Income protection can be flexible and work around you. We review our providers each year to make sure you are getting the best deal for you.