Did you know that as of 6th April 2026, Statutory Sick Pay from the government is only £123.25 per week? Income protection ensures that should you be unable to work as a result of sickness or injury, you can keep up with your rent or mortgage payments and other day-to-day outgoings. Income protection pays a tax-free monthly benefit of up to 60% of your gross income if you are signed off by your GP for any sickness or injury. It may be that your employer will pay sick pay for a period of time, income protection is designed to complement your sick pay arrangements at work, paying out once your sick pay ends. Giving you and your family peace of mind
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What does Income Protection Insurance Cover?
Income Protection is insurance which pays you when you are signed off work by the GP as you are unable to work due to an accident or illness.
Budget Income Protection will pay you monthly for a defined period which is usually 12 or 24 months per claim. Multiple claims are allowed. Full Income Protection will pay you until you reach 65 or are able to return to work whichever is soonest.
What’s Not Covered by Income Protection Insurance?
Income Protection insurance may not cover pre-existing medical conditions but any exclusions will be clear in your policy documents. Income Protection insurance will not cover you if you are made redundant or fired by your employer.
Who Needs Income Protection Cover?
Anyone who doesn’t have enough savings to pay for their monthly outgoings in the event they are signed off work by the GP as a result of sickness or injury. It is important for people who do not receive good sick pay through their Employer or anyone who is self-employed or receive no sick pay.
How Much Does Income Protection Insurance Cost?
Your monthly Income Protection payments will depend on a number of factors. Primarily these are your age, occupation, current health and the percentage of your income you would like to cover. In addition, plans are arranged with a waiting period which should complement any existing sick pay arrangements – the longer the waiting period the cheaper the cost. Finally, the cost is dependent on whether budget or full income protection insurance is arranged.
What is the difference between Income Protection and Critical Illness Cover?
The main difference between Income Protection and Critical Illness cover is that with Critical Illness cover you will be able to claim a one-off lump sum of cash on the diagnosis of a critical illness. Income Protection instead pays a monthly benefit amount if you are signed off work by the GP for any illness or injury.
What is the difference between Income Protection and Life Cover?
Income Protection covers around 60% of your income if you are signed off by the GP and unable to work through sickness or injury. Life Cover insurance pays an agreed amount in one lump sum should you die or are diagnosed with a terminal illness.
