Your ability to earn an income is one of your most valuable financial assets. If illness or injury stopped you from working, even for a short period, it could have a significant impact on your household finances and lifestyle.
Income Protection is designed to provide a regular income if you are unable to work due to illness or injury.
Book an Appointment with our protection experts to see if you have sufficient cover.
Income protection (IP) is a type of insurance that pays out a regular income if you are unable to work due to illness or injury. The benefit is designed to replace a portion of your earnings, helping you continue to meet everyday living costs while you recover.
Unlike short-term sick pay or employer benefits, IP can provide long-term financial support, often lasting until you are able to return to work or until a specified age, such as retirement. This makes it one of the most comprehensive forms of personal protection available.
IP typically covers a percentage of your income, rather than the full amount. This helps ensure the policy remains affordable while still providing meaningful financial support when it’s needed most.
It’s important to understand that IP is different from critical illness cover. While critical illness policies usually pay a one-off lump sum following the diagnosis of a specific condition, IP pays a regular income for a wider range of illnesses and injuries.
Income protection can be suitable for a wide range of people, including employees, self-employed individuals, contractors, and business owners. Anyone who relies on their income to cover essential expenses may benefit from this type of cover.
At iMAB, we help you understand what income protection covers, how policies differ between providers, and how this type of insurance fits into your wider financial planning.
Income protection pays out when you are medically unable to work due to illness or injury and meet the policy’s definition of incapacity. The benefit is paid as a monthly income, rather than a lump sum, helping to maintain financial stability.
One key feature of IP is the deferred period. This is the length of time you must wait after becoming unable to work before payments begin. Deferred periods can often be aligned with employer sick pay or savings, helping reduce policy costs.
IP policies usually cover up to a percentage of your income, often around 50–65%. This ensures support with essential expenses while encouraging a return to work when you are able.
Another important consideration is how long payments can last. Some policies pay out for a fixed period, while others continue until you return to work, retire, or the policy ends. Longer benefit periods typically provide greater security.
Policies also differ in how incapacity is defined.
Own occupation cover pays out if you are unable to do your specific job, while other definitions may be more restrictive.
Understanding these definitions is a key part of choosing the right policy.
As with any insurance, exclusions and policy terms apply. Independent advice helps ensure you understand what is covered, what isn’t, and how different options compare.
Income protection (IP) is particularly valuable for people who rely heavily on their earnings to support themselves or their family. If your income stops, even temporarily, everyday costs such as bills, rent, or mortgage payments still need to be met.
Employees may have some level of sick pay, but this is often limited in duration. Once employer benefits end, IP can help bridge the gap and provide ongoing support.
For self-employed individuals and contractors, income protection can be especially important, as statutory sick pay is limited.
This type of cover can provide reassurance that your finances are protected if you’re unable to work.
Households that rely on a single main income may also benefit significantly from income protection. Regular payments can help reduce financial stress during an already difficult time.
IP can also work alongside other protection policies, such as life cover or critical illness cover. Each policy plays a different role, and advice helps ensure they complement each other effectively.
At iMAB, we take the time to understand your income, lifestyle, and existing protection to help determine whether IP is suitable for you and at what level.
Choosing the right IP policy is about safeguarding your financial stability, which is why clear, independent advice is essential.
If you want to understand whether income protection is right for you, our advisers are here to help.
We offer: No-obligation conversations, clear advice on protection options, reviews of existing policies, appointments by phone, video, or face-to-face.
Speak to iMAB today to discuss Income Protection and protect what matters most.
Income protection pays a regular income if you are unable to work due to illness or injury, helping cover everyday living costs.
Most policies cover a percentage of your income, typically around 50–65%, depending on your circumstances and provider.
Payments can last until you return to work, reach retirement, or for a fixed period, depending on the policy chosen.
A deferred period is the waiting time between becoming unable to work and when income protection payments begin.
Yes. Income protection is often particularly important for self-employed individuals due to limited sick pay options.
Yes. Income protection can complement life insurance and critical illness cover as part of a wider protection plan.
PLEASE NOTE FOR THESE INSURANCE PRODUCTS, TERMS AND CONDITIONS APPLY. THIS INFORMATION IS A SUMMARY ONLY
YOU WILL RECEIVE A FULL POLICY DOCUMENT UPON APPLICATION. THIS POLICY WILL SET OUT THE TERMS, CONDITIONS AND LIMITATIONS OF COVER PROVIDED UNDER THE PLAN
AS WITH ALL INSURANCE POLICIES, CONDITIONS AND EXCLUSIONS WILL APPLY
THE COST OF THIS INSURANCE DEPENDS ON SEVERAL FACTORS, SUCH AS YOUR AGE, WHERE YOU LIVE AND YOUR OCCUPATION. AS A RESULT, THE COST YOU WILL PAY IS BASED ON YOUR OWN CIRCUMSTANCES
