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  • ico Tax-free payments to cover your mortgage and outgoings
  • ico We search the market for you and all top insurers
  • ico Best price pledge – we won’t be beaten
  • ico Policies for employed and self-employed
  • ico Protect your family, home and lifestyle
  • ico Money Saving Advisors on-hand to help

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  • ico Tax-free payments to cover your mortgage and outgoings
  • ico We search the market for you and all top insurers
  • ico Best price pledge – we won’t be beaten
  • ico Policies for employed and self-employed
  • ico Protect your family, home and lifestyle
  • ico Money Saving Advisors on-hand to help

    Why protect your income?

    Ever thought what would happen, financially, to you and your family if you were unable to work due to accident or illness?

    • Would you be able to pay the mortgage?
    • What about the other bills and loans?

    Without substantial savings, many households simply can’t afford to keep up with their outgoings. Income protection insurance offers a financial safety net for you and your family while you recover.

    We’ll get you access to whole of market quotes plus excellent advice with our best deal guarantee!

     

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    Compare and get quotes on all these types of income protection

    Income Protection

    Income Protection

    A monthly payment, up to 70% of your gross income, ensuring financial stability

    Mortgage Protection

    Mortgage Protection

    Ensure you can continue to pay your mortgage should you be ill or injured

    Accident & Sickness

    Accident & Sickness

    A monthly payment to help pay the bills while your unable to work

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    FAQs

    What is income protection insurance?

    Income protection insurance is a financial product that covers your outgoings if you’re out of work due to illness or accident. It provides a tax-free salary, allowing you to focus on getting better rather than stressing over paying the bills. 

    Income protection insurance (IPI) pays out a percentage of your estimated monthly salary or a fixed amount, which you can use to pay your mortgage, council tax, loans, or other bills. This prevents a reduction in your standard of living even when you’re unable to work. The policy covers you for a specific time, and you can choose the terms that best suit your needs. You can opt for a short-term policy, which typically provides cover for 6-12 months, or a longer-term policy, which will cover you if you’re unable to work again.

    What are the benefits of income protection insurance?
    • Statutory sick pay only pays out up to £99.35 per week in 2022, which doesn’t even cover a family of three’s weekly food shop. 
    • You can maintain your standard of living.
    • You’ll receive a guaranteed income while recovering or looking for a new job if you cannot continue your profession due to injury or illness. 
    • You won’t be worried about returning to work too quickly to cover your bills or debts.
    • You won’t need to dip into your hard-earned savings.
    What levels of income protection cover are available?

    The lower the amount you want to cover, the lower your premiums and payout.

    There are three core levels of income protection cover to replace your income:

    • Own occupation covers you if you can’t continue your job.
    • Suited occupation covers you if you can’t do a job matching your skills, qualifications and experience.
    • Any occupation covers you if you can’t do any kind of work. 

    You can also choose from policies that cover accident, sickness and unemployment or a fully comprehensive policy that covers all eventualities.

    How can I buy income protection insurance?

    When looking for a policy that can cover your outgoings and protect your home with mortgage payments, it’s wise to speak to a financial adviser. A mistake can be costly. These professionals work with confusing policies daily, so they can answer your questions and ensure you get the right cover. They will ask questions about your outgoings, income, and employment benefits to ensure you purchase a policy covering everything.

    Are my premiums fixed, or can they increase?

    Your premiums depend on several factors, including your selected cover, lifestyle, age, and health. Your choice of premium will also affect your monthly payments:

    • A guaranteed premium ensures you’ll pay the same amount monthly until your policy finishes. This can be the best option if you want the security of knowing your monthly outgoings. 
    • A reviewable premium means the insurance company will review your rate periodically. You may see a rise in your costs over the long term. 

    If you select an index-linked policy to ensure that your policy payout increases with inflation, your premiums will also increase with inflation rates.

    When does income protection pay out?

    Assuming your policy is valid, it will pay out if you cannot work. Before you receive any payments, the ‘deferral period’ must pass. This is a predetermined period where you must wait for your payout after submitting your claim. 

    When you’re buying your policy, you’ll choose a length of time where you can cope without the payments. Perhaps you have three months of savings, so you select a deferral period of three months. If your employer is paying your sick pay, you may want to defer payments until their money has stopped. If you opt for a longer deferral period, your premiums will be lower than if you needed the money immediately. 

    As long as you continue to pay your premiums on time, your policy will run until the expiry date. Usually, people cover their income up to milestones in their lives, which could include their retirement age or mortgage end date.

    How much will I get paid?

    Most income protection policies pay out as a percentage of your salary, with 50-70% being typical. You can also opt for fixed payments.

    Are income protection payments taxed?

    Income protection insurance payouts are tax-free.

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