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Income Protection: Your Family’s Back-Up Salary
What would happen if your paycheck suddenly stopped tomorrow? If you are unable to work due to an unexpected illness or injury, Income Protection Insurance is there to step in. It pays you a regular, tax-free monthly income to make sure your household never loses its financial footing.
Whether you are a contracted employee or running your own business as a self-employed parent, this cover has your back. Best of all, it isn't a one-time payout—depending on your policy conditions, you can claim as many times as you need to throughout the entire term of your plan.
Why may you need Income Protection?
Protecting Your Lifestyle, No Matter What No matter your profession, if your family depends on your monthly income to pay for everyday bills, you should seriously consider Income Protection. It acts as the ultimate safety net, especially if:
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You get little to no sick pay from your employer, filling the terrifying gap left between statutory sick pay and your actual real-world bills.
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You are the sole breadwinner at home, meaning the entire household budget relies entirely on your shoulders.
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You simply couldn't afford to pay the bills if your full wage vanished for a few months.
Losing your health shouldn't mean losing your lifestyle. By paying a reliable proportion of your lost earnings, this money minimizes the impact an injury has on your partner and children. It means you can concentrate entirely on looking after your health, without missing out on the everyday things your family enjoys. Plus, you get to choose exactly when your payments start (your deferral period) and how long they last.
Understanding Your Cover Options
(Jargon-Free!)
Every family budget is different, which is why there are a variety of cover types designed to fit your exact circumstances. We will help you weigh up these choices:
Your Payout Options:
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Level Cover: The monthly payout amount you choose is fixed for the life of the policy. Keep in mind: because it doesn't keep up with inflation, it may buy you less in the future.
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Inflation-Linked Cover: Your payout amount increases in line with inflation using the Retail Prices Index (RPI). This ensures your buying power stays protected, though your monthly premium will go up slightly each year to match.
Your Premium Options:
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Guaranteed Premiums: Your monthly price is completely locked in and guaranteed never to change (unless you have chosen the inflation-linked option above). It makes budgeting simple.
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Reviewable Premiums: These stay fixed for the first 5 or so years of your policy (depending on the provider). After that, the insurer reviews them, and they could change year by year.
Your Policy Length Options:
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Short-Term or Budget Cover: A brilliant, highly affordable option. Each time you make a valid claim, the policy will pay out your monthly "salary" for a fixed period of either 12 or 24 months. You can still make multiple claims over the years, making it a fantastic budget safety net.
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Comprehensive Cover: The gold standard of protection. This will pay out a regular income for as long as you are unable to work due to accident or sickness. It can protect you for your chosen term, right up until you either retire or are well enough to safely return to work.
