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Income Protection Quote
  • Income Protection Insurance

    Protecting all the things you work hard for...

    Income protection covers your monthly income should you suffer an accident, sickness or unemployment.
    Designed to cover your core monthly financial commitments such as your mortgage/rent, bills and food.
    Income Protection is the one protection policy every working adult should consider. Which? Money 2012
    Policies can start from as little as £10 per month.
     
  • What does
    Income Protection cover?

    Accident & Sickness

    When the ‘Own Occupation’ definition of incapacity is used the policy can payout for any medical condition that prevents you from working in your own specific job role.

    As income protection policies do not use a set list of conditions they cover and many insurers do not have any standard exclusions, income protection is the most comprehensive form of incapacity insurance available.

    Unemployment

    Some plans also have the option where the policy can payout should you suffer forced redundancy, or there are some policies that cover unemployment only.

    Illness Claims
  • How does
    Income Insurance work?

    Stage 1:

    You cease working due to accident, sickness or forced unemployment.

    Stage 2:

    You make a claim with the insurer.
    (including your GP note/redundancy letter)

    Stage 3:

    The insurer starts paying out a monthly benefit after your deferred period.

    Stage 4:

    The policy pays out until you return to work or reach the maximum payout length.

    Illness Claims
  • Do I need
    Income Protection?

    When deciding if income protection insurance is worthwhile it makes sense to weigh up the risk of something happening and the potential consequences:

    The Incapacity Risk:

    1 in 10 people have been unable to work due to illness or injury for +6 months (The Guardian/Unum Survey, 2011).

    The Consequences:

    With government incapacity benefit of only £99.15 per week, someone with a salary of £30,000 would suffer a 77% fall in income.

    The Question:

    If you lost your income how would you cover your monthly outgoings if you didn't have any income protection?

    State Benefits
  • Your Key
    Policy Options

    1. Choose your level of cover
    Depending on the insurer, it is possible to cover anywhere from 50% to 70% of your gross (pre-tax) income.

    2. Choose your deferred period
    This is the length of time you would need to be off work before the policy starts paying out. The shortest deferred period is 7 days and the longest is 12 months.

    3. Choose your payout length
    Short-term plans can payout for a maximum of 12 or 24 months and long-term plans can continue paying out a claim right up to your retirement age at the end of your working life.

    Insurance Experts
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Income required 
£ per month
Date of birth 
Short Term Protection Long Term Protection
£ per month
Date of birth 
Our Insurers - Aviva, LV, Friends Life, PruProtect, Ageas Bright Grey, Scottish Provident, Legal & General, Exeter Family Friendly

Overview


What is income protection?

We all insure our cars and homes however we often forget to protect what pays for it all, our earnings.

Income insurance is designed to protect up to 70% of your gross salary in both the short and long term should you be unable to work due to accident or sickness and in the case of short term protection, unemployment as well.

Given the level of government support available and with fewer employers offering long term sick pay above and beyond Statutory Sick Pay, a personal income protection policy is more important than ever.

Do I need it?

According to the Department for Work and Pensions (DWP) there were over 370,000 people claiming Employment and Support Allowance (ESA) for incapacity in August 2009.

With ESA standing at only £95.15 per week, permanent health insurance allows many individuals to maintain their standard of living should they lose their income due to sickness or injury.Since 2005, DWP figures also show that the average claim for incapacity benefit stands at nearly 3 years.

How does it work?

If you suffer sickness or injury that prevents you from working your income insurance plan will begin to pay a monthly benefit after your chosen deferred period either until the policy ends or you return to work.

It is possible to insure up to 65% of your gross (pre-tax) earnings for anything from 5 years to the normal retirement age with salary insurance deferred periods ranging from 1 month to 12 months.

Long term protection

Long term disability insurance is a well established and respected form of income insurance, which some insurers having offered this product for over 100 years, whereas payment protection a relatively new type of insurance cover.

This traditional policy type provides long-term earnings protection from the risk of sickness or injury, possibly paying out all the way until retirement.

Example

John, an IT consultant, has taken out a self employed income protection plan and suffered a type of cancer that kept him off work for just over 6 years while he received treatment and recovered.

After John's chosen deferred period of 6 months, his permanent health policy acts as a sick pay insurance and paid him a monthly tax-free benefit of £790 each and every month for 6 years, totalling close to £57,000, representing 50% of his gross annual salary.

Short term protection

Designed to provides short-term earnings cover against the risk of accident, sickness and unemployment, with policies paying out for a maximum period of 24 months.

Short term policies do not tend to be as comprehensive as the traditional options which is highlight with their being no medical underwriting and reviewable premiums.

Example

Mike and Jenny, an engineer and nurse from London, took out a salary protection policy to cover their joint monthly mortgage payment of £1,000 plus an extra 25% for associated home costs.

They decided to split the benefit in a 50:50 ratio so that the policy would payout £625 if either of them were off work. After six months of taking out the policy Mike was made redundant which kept him out of work for 4 months.

With their chosen deferred period of 30 days (with no back to day one cover) the policy made its first payment of £625 on day 61 of their claim (having accumulated from day 31).

Over the 4 months the policy made 3 payments of £625 before Mike was able to return to work, totalling £1,875. Thus, via his loan protection insurance Mike was able to keep up with his share of the joint loan repayments whilst he was unemployed, plus a little extra for living costs.

Need further information?

If you would like to receive income protection quotes from a panel of leading UK insurers then please submit your details in the quote box provided above. Alternatively, if you would like to talk through your options with one of your expert and impartial advisors then please feel free to contact us.

  • As independent advisers our aim is simple, couple expert advice with a first class service.
  • We are wholly independent and compare all the leading UK insurers.
  • We use our buying power to find you the most competitive rates.
  • You are not a number in a queue getting pushed from pillar to post, speak to a named consultant with a direct phone line.
Client Reviews
02/03/2014  KH14

My income protection...
After recently going self employed I searched around for Income Protection Insurance. After speaking to one of the Drewberry Insurance advisors I was given all the necessary details...


22/02/2014  

No pressure, excellent service.
An excellent service with a range of competitive options, good advice, no pressure, all round very pleased...


19/02/2014  

Great advice!
I found the help offered was good and proper guidance given. Also no pressure. I was given several options on e-mail and once I had had a chance to look through them in my own time...

Publisher: Drewberry

Raising Awareness of Income Protection Insurance


How much income are you putting at risk?

Current Age (years)

Monthly Expenditure (£)

1. What is it?
2. Why do I need it?
3. How can I get cover?
Income Protection provides you with a monthly income if you are unable to work due to illness or injury.
Income Protection is the insurance policy which protects everything else, your mortgage, your food shop and all your other bills and financial commitments.

Q. Without income protection, if you were not able to earn a living how long could you cover your monthly bills?

A. For most of us it is as few as 52 days!(1)

1 in 5 of us are likely to go on long term sick leave during our working lives.(2)
Question.
Could you survive on
£99.15 per week?
On average, government support provides just £5,200 per year, which for the vast majority of us falls way short of meeting our bills.
 
 

"The one protection policy every working adult in the UK should consider is the very one most of us don't have - Income Protection."

Which? Money, 2012

Only 7% of working adults have Income Protection - Share this on Facebook or Twitter to help us "Raise Awareness of Income Protection" #IPAware and be in with a chance of winning an iPad.



Insurer Claims Statistics



When choosing our personal protection we want to know it is going to pay out when we need it to. By choosing a product or specific insurer from the menu below you will be able to view the claims payout rates for all of the main UK insurers for income protection, life insurance and critical illness insurance.


Actual Income Protection Claims - 2011



The table below details real life stories of how an income protection policy has saved someone financially following an illness which left them unable to work. The information is from Liverpool Victoria's 2011 claims, it demonstrates how anyone can lose their income, regardless of age, gender or occupation, LV's youngest claimant in 2011 was just 22 years old.

Age
at Claim
Gender
Occupation
Length
of Claim
Cause of Claim
Last Monthly
Benefit
Total Amount
Paid So Far
31
Male
Carpet Fitter
15 years
Brain damage from
road traffic accident
£303.00
£55,449.00
43
Male
Accountant
7 years
Cyst removed from the Brain.
£3,194.00
£255,520.00
46
Female
Veterinary Surgeon
12 years
Arthritis
£369.00
£51,291.00
48
Male
Estate Agent
14 years
Heart Attack
£4,883.00
£805,695.00
48
Male
Doctor
1 year
Depression
£3,357.00
£53,712.00
49
Male
Physiotherapist
3 years
Depression
£1,942.00
£73,796.00
49
Male
Quantity Surveyor
7 years
Stroke
£2,528.00
£207,296.00
51
Female
Marketing Consultant
2 years
Breast Cancer
£2,434.00
£48,680.00
59
Male
Solicitor
1 years
Parkinson's Disease
£2,156.00
£26,452.00

Source: http://www.lv.com/upload/IFA-Rebrand-2009/pdf/2012/aug/212248312PMFPPAPIPclaimsSummary.pdf


Occupation Definition Calculator


Income Protection Occupation Definition Guide
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Useful Tools


Income Protection Infographic
Occupation Definition Calculator
Income Protection Quote
Q&A - Question and Answer

Frequently asked income protection questions


What is the difference between income protection insurance and payment protection? Which type of cover is best?
I’m looking for some kind of sick pay cover but can’t find very much information about it, please help.
I'm just about to take out some income cover but wondered if I can have two plans with two different income protection insurers? I essentially want to be able to cover 100% of my salary, is this possible?
I am think about taking out income insurance but want to make sure that the insurer won't just increase the premiums if I need to make a claim on the policy. What is the effect on my premiums should I make a claim?
Published by Andrew Jenkinson
Our aim is simply to provide you
with the best possible service.
Drewberry Insurance are a London based independent insurance brokerage providing insurance services to individuals and organisations
throughout the UK.
Our focus is to provide a great resource through our website and our expert advisers to help you make an informed decision when considering your financial protection .
We try our best, however, if you are unable to find what you need here just give us a call, we are here to help.
We would love to hear from you, whether you are enquiring about our services, a career, or a business partnership.
  enquiries@drewberryltd.com
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