Compare Income
Protection Insurance

 

Protect up to 70% of your wage if you are unable to work due to sickness or injury with income protection insurance.

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Income Protection Insurance

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What is income protection?

Income Protection is an insurance policy designed to pay out a regular income if you are unable to work due to an accident, or sickness. The pay-out can make sure you are still able to meet your essential household costs. For example, your mortgage/rent, utilities and to put food on the table, until you are able to return to work. Income Protection is also commonly known by several names which you may heard of such as injury insurance, protection insurance, salary insurance, injury insurance, employee insurance, sick pay or even wage protection! Ultimate, all of these names are just another name for income protection insurance. Here at Manor Financial, we can compare the income protection insurance market to help you find the best policy. We work with the best UK rated insurers.

How does it work?

You can choose between a short-term plan and a long-term plan. Some insurers now offer 1 or 2 year payment terms. Alternatively, you can choose the long-term plan which will pay out until retirement, death or your return to work. Here at Manor Financial we work with a wide range of top rated insurers.

If you cannot afford to be off work for 1 day, you can choose for the cover to pay out from day 1. This gives you the peace of mind that you are protected straight away. Cover can also start from 1 week, 4 weeks, 8 weeks and so on. Generally, the longer you can wait for the pay-out, the lower your monthly premiums will be.

Premiums will also depend on your age, health, occupation and how much cover you need. The amount of protection you can have is based on a percentage of your income, which varies from 50% to 70%. Payments are also completely tax-free and if you are employed you can still receive your Statutory Sick Pay at £95.85 per week.

Why take out income protection?

Family – If your family depend on your income, the loss of income can be severe. The pay-out from a wage protection policy can ensure your income is covered. Taking care of your family is the main reason why you should take out an insurance policy. Whether it may be for Income Protection to protect your wage, or for a Life Insurance policy.

Household Costs – Income Protection can ensure that in the event you cannot work due to illness or injury, you can still afford to pay your essential household bills. For example, mortgage/rent, utilities etc.

Self Employed – If you’re self-employed, unfortunately, you won’t receive any sick pay or SSP. Income Protection can be important to ensure your income is replaced if you fall ill.

Why would I want this over Statutory Sick Pay (SSP)?

Statutory sick pay (SSP) is capped at £95.85 per week. That means monthly you would receive around £383.40. As many know, this isn’t even enough to cover the mortgage/rent payments! With Income Protection we can protect up to 70% of your salary, meaning if something were to happen, you would have one less stress, financially. On top of this, with Income Protection, you can still claim sick pay on top of your income protection!

How much does an income protection policy cost?

The cost of an income protection policy will vary depending on a few factors. These factors are…

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Age

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Occupation

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Pre-existing medical conditions

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Amount of Income you want protecting

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Defer Period

According to consumer group Which?, Income Protection is the one insurance product that every UK working adult should consider.

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FAQ’s For Income Protection

How much Income Protection will I get?

You can protect up to 70% of your income. If you are employed this will be calculated on your gross income, and if you are self-employed this is taken from your net profit.

How much will it cost?

The price will depend on many factors such as health and lifestyle, the cover amount, age, occupation and deferred period.

What is the deferred period?

The deferred period is the length of time that you can wait until you need the insurance to payout. For example, if you receive sick pay from your employer for the first 3 months, you could choose a 3-month deferred period. Or, if you are self-employed and would need the insurer to pay straight away if you can’t work, you could choose a deferred period of 1 day, or 1 week.

Would an Income Protection policy affect my statutory Sick Pay?

No, you are still entitled to claim Statutory Sick Pay if you are employed, as well as claiming for income protection. If you are self-employed you are not entitled to SSP

Would Income Protection cover pre-existing medical conditions?

Depending on the condition, when it was diagnosed and if there are any ongoing symptoms your insurer might exclude any pre-existing conditions temporarily. However, after a period of time has passed they may review so that the conditions are then included on the plan. In certain cases, and for mild conditions they may be included from the start of the policy.

Manor Financial is a trading name of Manor Financial Advice Ltd. Manor Financial Advice Ltd is authorised and regulated by the Financial Conduct Authority under registration number 810808. The company is incorporated in England and Wales (no. 07728991).