Illness and injury
If you’re unable to work through injury or illness, you’ll receive a monthly payment in proportion to your gross salary, such as 50% or 65%. If you’re a high earner, there may be a monthly limit on the amount you can receive.
Income protection
If you’re unable to work through injury or illness, receive financial support for your ongoing payments, such as loans, mortgages and day-to-day expenses.
Get an income protection quote
Contact one of our independent advisors if you’d like help getting started with income protection insurance. We work with all of the major UK providers, meaning we can compare your options and answer questions about multiple policies. This is a free service, and we aim to find you the most appropriate policy for your needs at a competitive premium for you.
0800 970 1618
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
What is income protection?
Income protection is designed to provide financial support if you cannot work due to injury or illness. You’ll receive a monthly, tax free payout to cover some of your costs. Depending on the type of protection you choose, this could be a percentage of your gross monthly income, or an amount to cover your mortgage and loan repayments.
Income protection may be available as short or long term cover, and will cover you for many eventualities that lead to you being unable to work. If you’re concerned about what would happen if you’re unable to work and the sickness pay available won’t cover your expenses, income protection may offer you the support you need until you can return to work.
Get a quote
What does income protection cover you for?
There are several types of income protection insurance available, each with their own rules around what you’re covered for, how much you’ll receive, and how long your deferment period is (which is how long you’ll have to wait before making a claim). Some examples of the options that may be available to you include:
Mortgage protection
If you’re unable to work through injury or illness, this type of protection aims to cover your mortgage payments for a set period, such as 12 months.
Payment protection
If you’re unable to work through injury or illness, payment protection will cover your loan repayments, either partially or in full, for a set period such as 24 months.
Are there any alternatives to income protection?
Income protection is unique in that it covers your salary, loan or mortgage payments when you’re unable to work. However, individuals may want to consider critical illness protection as an alternative or in addition to income protection. This cover pays out a lump sum if you’re diagnosed with a critical illness listed in the policy terms, so if you’re unable to work due to a critical illness, this may be more beneficial than the monthly payments you would receive from income protection insurance.
Learn more about critical illness coverWhat are the benefits of income protection?
The main benefit of income protection is the financial security and peace of mind it may provide you during a difficult period. The additional income or cover for loan and mortgage repayments it offers may be a lifeline while you recover from injury or illness. Some of the benefits include:
01
Peace of mind knowing that you have financial support if you’re unable to work.
02
Cover your ongoing costs in the event that your income stops due to injury or illness.
03
It may be a more cost-effective option compared to other policies that provide similar coverage.
04
Reduce your reliance on Statutory Sick Pay, which as of November 7th 2022, only pays £99.35 per week.
How much does income protection insurance cost?
The price of income protection policies varies from person to person as they depend on factors personal to them. To understand how much it may cost you, we welcome you to utilise our comparison service, where we’ll review the policies available and provide you with accurate information on the cost. As an example, the following factors may be considered when pricing your policy:
1.
Age
2.
Occupation
3.
Lifestyle habits
4.
Type of protection
5.
Cover amount
6.
The range of illnesses covered
7.
Medical history
Compare income protection policies
We offer a free and independent comparison service for any individual considering income protection insurance. We work with the major UK providers, and we aim to find you the most appropriate policy for your needs at a competitive premium for you. Provide us with some contact information, and one of our advisors will be in touch.
0800 970 1618
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
What our advisors have to say about income protection insurance
“Where Statutory Sick Pay isn’t enough to cover an individual’s financial commitments, income protection can help to bridge the gap between their income and their regular outgoings”
Premier choice group
Income protection FAQs
Does income protection cover you for job loss?
Can you purchase cover for injury and illness, mortgage and loan repayments?
Are income protection payments immediate?
What information will I need to provide when buying income protection insurance?
Why choose Premier Choice Group?
Personal market analysis
Our team will personally review your options
Free comparison service
Our no obligation service is entirely free
Independent advice
Our advice is always unbiased and impartial
Fair analysis
We aim to offer a fair analysis of policies available on the market
Single UK-based contact
A UK based company providing a nationwide service
Qualified advisors
Authorised & regulated by the Financial Conduct Authority
Helping you to protect your business
Key Person
Protect your business from the loss of an employee who is essential to your company’s ability to operate or generate revenue.
Learn moreRelevant Life
Cover individual employees against their death or a critical illness diagnosis and provide financial support to their dependents.
Learn moreShareholder Protection
Purchase a plan that protects all shareholders in a private limited company or partnership if a shareholder passes away or becomes critically ill.
Learn moreCritical Illness
Receive a cash lump sum if you’re diagnosed with a critical illness to help with your own and your dependent's financial commitments.
Learn moreExecutive Income
If an employee is unable to work due to injury or illness, executive income protection can provide financial support to cover some of the associated costs to the employee and business.
Learn more