Income Protection Insurance
Income protection is a special policy designed to help replace any loss of earnings you may suffer due to ill health or injury. Statutory sick will only provide £92.05p/w for the first 28 weeks that you are off work, so if you don’t have any additional cover for your monthly outgoings the bills would start to pile up pretty quickly after that.
Long term Income Protection is designed to cover you up to a specific age (usually retirement), however there are options for short-term cover where the policy will pay out for either 1,2 or 5 years. It allows you to cover up to a certain percentage of your wage and starts to pay out after your selected deferred period – which is the time which must pass from your first day off work to the day your policy starts to pay out.
According to the ABI, one million workers a year find themselves unable to work due to a serious illness or injury. (Source)
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