Income protection is one way to plan for a period when illness or injury prevents you from working. A policy may pay a regular benefit after an agreed waiting period if the insurer accepts a claim under its terms. It does not guarantee that your full income or every cause of absence will be covered.
How income protection works
The benefit amount, waiting period, payment duration and definition of incapacity vary between policies. A claim depends on eligibility, the policy wording and the evidence the insurer requires. It is different from Critical Illness Cover, which may pay a lump sum for a specified diagnosis under the chosen policy.
Four decisions to discuss
- Existing support: Check employer sick pay, savings and other benefits before deciding what gap you want to protect.
- Waiting period: Work out how long you could meet essential outgoings before any policy benefit starts.
- Benefit and term: Compare the maximum amount, when payments would stop and whether the cover could continue if you return to work and later need to claim again.
- Occupation and exclusions: Check the insurer’s definition of being unable to work, any medical-history terms and what is not covered.
Review when circumstances change
Employment, income, household commitments and sick-pay arrangements can change. A review may reveal that the amount or structure of cover no longer fits. Do not assume that an existing policy automatically adjusts with your earnings or commitments.
For an overview of the product, see our Income Protection page. You can also explore Life Insurance and Critical Illness Cover to understand how these different forms of protection address different events.
This is general information, not a personal recommendation. Cover, cost and eligibility depend on your circumstances and the insurer’s assessment. If you want to explore options, start an adviser enquiry; it is not an instant quote or a commitment to buy.
