Do I really need income protection insurance?

Each year one million people in the UK find themselves unable to work due to a serious illness or injury.

Income protection insurance is designed to give you the protection you need if you suddenly can’t earn an income.

If something happened to you would you be able to survive on savings or sick pay from work?

Income protection insurance (sometimes known as permanent health insurance) replaces part of your income – if you can’t work because you become ill or disabled.

It pays out until you can start working again – or until you retire, die or the end of the policy term – whichever is sooner.

It covers most illnesses that leave you unable to work – either in the short or long term.

The cost of a policy will vary based on a number of factors, including:

  • Your age
  • Your job
  • Whether you smoke or have previously smoked
  • The percentage of income you’d like to cover
  • The waiting period before the policy pays out
  • The range of illnesses and injuries covered
  • Health (your current health, your weight, your family medical history)

Do think you need to look into protection insurance?

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