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What Is Income Protection Insurance & Do I Need It?


Income protection insurance is a policy designed to pay out a monthly amount if you are temporarily signed off work due to ill health, an injury or an accident. These plans are an excellent way of maintaining cash flow in the event of a temporary loss of earnings.

The amount of money you will be entitled too wont always be to the same amount of your yearly earnings, as state benefits, statuary sick pay also comes into effect. The money that you will receive from this payout is also tax free. If you were to make a claim and receive a payout you could receive anything from 50% and up from your insurer.

You won't necessarily be entitled to make a claim as soon as you are signed off work as there is usually an extended wait period of a minimum of 4 weeks depending on the provider you go with. Our friendly advisors are always on hand to go through these options with you so feel free to give us a call on 0333 188 7617 for a chat! This is usually down to the fact that you are entitled to other services such as your employers sick pay, statuary sick pay from the government, etc.

Things to think about before registering for Income Protection Insurance.

  1. Consider the amount of cover you need.

  2. Think about the duration of coverage you need.

  3. Consider the monthly cost associated with this.

  4. Seek professional advice

  5. understand the exclusions involved with your policy.


What our advisors will need to know when registering you for income protection insurance.

  1. Any pre-existing medical conditions. (Not all insurers will cover this)

  2. Occupation. (dangerous line of work, etc)

  3. Family medical history.

  4. Lifestyle. (smoking, heavy drinking, etc)

  5. If you are already in ill health.

This way we will be able to tailor an insurance policy that best suits you and your needs (as long as you qualify)

Do you need Income Protection Insurance?

There are many different forms of medical/life insurance out there and trying to decide which one is best for you can sometimes be difficult and confusing. If you would like to know more about the different insurances available to you, there are plenty of other articles like this here. Or, if you would prefer to speak to someone you can call us on 0333 188 7617 our friendly team are always available to help. In the time it takes you to make a cup of coffee one of our advisors could set you on the right track and give you the reassurance you need to make this decision.

Ask yourself the question, if you were unable to work could you afford your monthly outgoings and lifestyle? Income protection could give you that safety net to ensure your monthly bills and debts are covered if you were to fall ill.

For more information like this make sure you read our other article here. Also, Follow us across our multiple social media channels so you never miss out on financial service information that could protect you and your family.

To get your Income Protection insurance quote today and contact our friendly adviser team here. Or call us on 0333 188 7617.

Your Choice Cover

12 Celtic Trade Park, Bruce Road Fforestfach, Swansea, SA5 4EP

Phone: 0333 188 7617

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