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Income Protection Insurance

In the event that you fall sick or get insured, income protection insurance is designed to provide you with financial support if you cannot work, so you can still earn an income. Claimants will be able to receive around 50% to 70% of their gross salary each month, tax-free, which can be used to maintain their current lifestyle including mortgage payments, loan repayments, bills, living expenses, medical bills and money for the family.

Income Protection, or IP as it is also known, is considered a long-term policy and will continue to payout until you can go back to work, retire or die. Although it is not compulsory, over the last year, over 129,000 cases were paid with a 91% success rate (Association of British Insurers). In addition, since only 12% of employers support their staff if they fall sick, IP is considered a smart way to get some financial security and give you and your family peace of mind.

Income Protection Cover Available

There are two main cover options available including:

  • Illness - to cover against any serious illnesses that force you to be unable to work e.g. cancer, coma, heart attack, mental illness and other diseases.
  • Accident - if an accident has left you with injuries and you are unable to work e.g. broken bones, back issues, concussion, amnesia and more.

Key Things to Know

  • The average claim paid out in 2014 was just over £10,000, with 350 payouts everyday (Source: Association of British Insurers)
  • On average, policies were paid out consistently for four years
  • Over 90% of claims are paid out
  • You can claim as many times as you need to within the policy term dates
  • You can receive a hospital benefit towards your medical fees if you have to spend several nights in hospital.
  • You can receive a ‘back to work benefit’ if you are only able to work part-time or are restricted by your injuries.

How soon can I get paid out?

In theory, you can get paid out immediately as soon as you are no longer able to work. However, you should be able to live off some sick pay and your own savings for a period of time.

The IP policies have deferral periods, which can be a few weeks or up to a year, and typically the longer you can defer from claiming, the lower your premium will be.

How to apply with Call Wiser

At Call Wiser, we are a leading insurance company in the UK and we have teamed up with Family Insurance Services to help find the best life insurance policy for you. Working with several insurers, Family Insurance will process your information and compare a number of deals and offers to give you a competitive quote.

Simply call today on 0808 1681 262 and speak to one of the friendly advisors who can take you through the process.

You will start with some basic information such as your name, age and address. The factors that affect the cost of your premium include the number of hours you work, whether you have been in continuous employment, your occupation, residential status, health and whether you smoke.

The greater your risk of making a claim, the more costly your premium will be. Also, you can choose the amount of cover you want, taking your expenses and finances into consideration. The lower the amount of cover you request, the lower your premium.

Short term income protection policies

An alternative to IP cover, this type of policy is designed to pay out for up to 12 months of being out of work, until you are deemed fit to continue working or retire.

By comparison, standard income protection cover is considered more long-term and you can continue claiming for as long as your policy states.

Critical illness

Very similar to income protection is critical illness cover which pays out one huge lump sum fee if you suffer a big illness or lose a body part that is essential for your work e.g. losing arms, legs or sight.

This large sum can be used to pay for medical treatment, mortgage payments, and education fees or replace your income for the foreseeable future.


Please follow the link to visit our associate life and health insurance company:

Family Insurance Services New window

Family Insurance Services will help you to find income protection insurance, they offer a fantastic, personal service. They will research the market, find you the best policy and price and give you quality independent advice.

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