What is Income Insurance?

Income insurance protection is taken out by people to protect their income against accident, sickness or unemployment. If you are diagnosed with a medical condition or are involved in an accident and cannot return to work, income insurance cover will replace part of your monthly salary for an agreed period of time, which could be up until retirement.

Income insurance will usually protect up to 70% of your salary, and the money you receive is tax free. The money paid out from an income insurance protection policy can be used however you choose, unless it is tied into a particular debt. Loss of income insurance can also cover you for redundancy, and will pay out for a maximum of 12 months whilst you find a new job.

Why Income Insurance Protection?

Anyone in the UK who earns an income could benefit from income insurance cover. Whilst no one wants to think about falling ill, unfortunately it can happen to any of us. Loss of income insurance will cover all types of illness and disability, including stress, depression, musculoskeletal problems and serious conditions like cancer. Income insurance cover is designed to offer financial security whilst you recover your health.

Income insurance protection also offers peace of mind in a difficult financial climate. With many businesses still cutting back on staff, unemployment is a real risk to everyone. Income insurance will help you get back into the job market if you do lose your job unexpectedly.

What can you use Income Insurance Cover for?

A recent statistic showed that 50% of people would survive financially for just 17 days after a sudden loss of income. Without a partner’s income to rely on or savings to live off, people who cannot work have to rely on government benefits. Luckily, your income insurance money can be used for a variety of things, including:

If you want to be protected with loss of income insurance, get in touch today and compare insurance quotes from across the market.

Get Quotes

Income-Protection.co.uk is a trading style of ActiveQuote Health Ltd registered in England & Wales company number 6765845. ActiveQuote Health Ltd, 1st Floor, Cambrian Buildings, Mount Stuart Square, Cardiff Bay, CF10 5FL. Authorised and Regulated by the Financial Services Authority (FSA) number 501109.