Your starter handbook to income protection!

Income Protection

Searching the web for income protection can be daunting. It’s just too much information and all over the place. Which is why we’ve put together a little guide for you to understand income protection insurance; all in the same place. With over £50 million paid in claims in 2022 alone, this policy is a lifeline for those facing unexpected health challenges.

What is income protection?

Your own financial safety net. If you can’t work due to illness or injury, income protection insurance will provide you with a regular sum of money. You need this to pay your bills and maintain your lifestyle till you can return to work.

In time of need, we have got you covered.

Why get income protection insurance?

Well, why not? It’s better to have it and not need it, than to need it and not have it.

Income protection can leave you with a peace of mind and provide you with up to 80% of your gross income. It’s one less thing to worry about when you’re off work, and sick. It covers you for physical and mental health conditions, except redundancy.

If that’s not enough reason, did you know you can make a claim multiple time and not just once?

How much does it cost?

This is the best part. Your policy is tailored to your needs. We don’t believe in one-size-fits-all. We consider YOUR affordability, YOUR requirements and YOUR needs.

Who needs it?

Don’t we all deserve some peace of mind and a backup?

Every self-employed individual, who lacks statutory sick pay can significantly benefit from it. Also, every employed individual may need coverage beyond employer limits, as statutory pay often lasts only six months. So yes, Income protection is for everyone who earns an income.

What can you use income protection for?

It’s your choice really.

Any Exclusions and Considerations?

Redundancy isn’t covered, so separate unemployment insurance is needed. Pre-existing conditions may also be excluded unless disclosed and approved during underwriting. We compare the best policies to ensure alignment with your needs and budget.

How many people have benefitted from it?

Numbers don’t lie, do they?

2023: Over 17,000 new claims were paid out by UK insurers, helping people cover bills while they recovered.

2022: A total of £810 million was paid to policyholders, averaging £22,270 per person—enough to cover rent, groceries, and other basics for months.

Success Rate: Insurers paid 81% to 99% of claims in 2023, depending on the provider. For example, one company paid 99% of all claims.

IN SHORT,

Income protection has helped thousands avoid debt or losing homes when health fails. Yet most Brits skip it, gambling they’ll stay healthy. With rising living costs, even a few months without pay could spiral into crisis.

It’s not a “scam”—data shows it works. For those who have it, it’s a lifeline. For the 86% without? It’s a risk worth rethinking.

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