Income Protection Insurance
What is income protection insurance?
Income protection is an insurance policy that provides you with financial security should you become unable to work due to an illness or injury.
A monthly benefit will be paid to the policyholder, you, giving you more time to focus on recovery, instead of worrying about your finances and making yourself even more ill.
How much does it pay out and what's the cost?
Income protection insurance policies can pay out up to 65% of your gross annual income (tax-free) - this may differ according to the insurer and your personal circumstances.
It's worth noting (if budget is a high priority for you) that the higher the level of cover you choose, the higher your premiums will be. The cost of the monthly premiums is entirely dependant on your particular situation.
Depending on how you want your policy to work, there will be a waiting period - also known as a deferment period.
This is the amount of time that passes before your policy kicks in. If your employer offers a decent sick pay scheme or if you have savings that could help you, you could set the deferment period until a bit later after you fall ill - for example, 1 month, 30 days, etc. Once this waiting period has finished, then you'll start receiving your monthly payouts to help you while you're off work.
Compare income protection insurance with 2MinuteQuote today
At 2MinuteQuote, we have been trading in the life insurance industry for 10 years. During this time, we have built up a panel of some of the best UK income protection insurance providers in the market.
Income protection insurance policies provide a welcome reassurance to many people whose households are dependent on their income, from as little as 34p a day*.
We can cover a vast range of professions and trades, including those who are self-employed. The advantage of using a life insurance broker like us to compare income protection policies in the UK, is that we have the in-depth knowledge and experience to know what insurer and policy would best suit your needs and budget.
If you are looking for the best income protection insurance online, let our friendly specialist advisors help you with a free no-obligation quotation today.
*Example
*This is an example based on a 25-year-old female in good health and a typical premium for a £1,200 monthly payout starts at around 34p per day. Please note that the price of each policy is subject to you, your needs and the terms and conditions of your specific insurer.
Speak to one of our advisors today to get a free no-obligation quotation!