Income Protection FAQs
All of our FAQs have been answered by our expert advisers to help make Income Protection simple.
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Income Protection frequently asked questions
What are the benefits of Income Protection?
Income Protection will cover up to 70% of your monthly income should you fall ill or suffer an injury, providing peace of mind that your bills will be covered and you won’t need to use your savings to get by. There are different levels of cover you can chose to suit your financial needs and budget.
Do I need Income Protection?
Nobody likes to think about illness, injury or losing your job, but unfortunately it happens to lots of people, every year. As of 2024 2.8 million people are unable to work due to long-term sickness. (House of Commons Library).
What is the difference between Critical Illness and Income Protection?
Critical Illness Cover provides you with a tax-free lump sum should you be diagnosed with one of the critical illnesses listed on your policy. Critical illness does not cover your income specifically but will pay out a tax-free sum that will... Read More
Do I need Income Protection if I get Statutory Sick Pay (SSP)?
Statutory Sick Pay is paid to you by your employer if you are too ill to work, however the payment is very minimal at £118.75 a week and is paid to you for up to 28 weeks. Income protection can cover 70% of your lost income... Read More
How long does Income Protection last?
How long income protection lasts depends on your chosen policy. A short-term policy could be anything from 12-24 months or a long-term policy can cover you up until your retirement age.
Does Income Protection cover mental health?
Most income protection policies will cover mental health conditions. This can include common conditions such as stress, anxiety and depression.
Didn't find the answer?
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