How It Works

How Income Protection Works

When you choose to apply for Income Protection, you can usually choose either:

  • Level cover: Your pay-out and premiums are fixed for the term of the policy
  • Inflation linked cover: Your pay-out and premiums go up each year in line with inflation

Can I Get Income Protection Insurance?

You are able to obtain Income Protection Insurance if:

  • You are in full time employment
  • Part time employment
  • Self employed
  • You can also apply if you have a pre-existing medical condition, but some insurers may charge you more, or exclude any claims related to your condition.
Do I Need Income Protection?

Do I Need Income Protection?

If you can afford to replace your income if you were out of work, you may not need it, but if you cannot then you should consider getting an income protection policy.

To decide what cover you need, think about:

  • How long you want a policy to pay you an income for
  • The percentage of your income you want covered
  • How much cover you need and how long the protection is needed

This is entirely up to you and is based on how much you can afford per month for the cover. Each person is different so make sure you work out exactly how much cover you will need to cover things like mortgage, bills, number of children and other expenses etc.

Can I cancel my cover?

Yes you can, however, a key point to remember is that your cover will also stop as well so you will no longer be protected by your Income Protection policy. There is no cash pay-out at the end if you cancel, you simply no longer have cover active.