Not sure if you need income protection?
The right income protection can be of enormous value to you and any dependants, whether you're looking to protect a short-term debt, a mortgage, or your income for life. Our comprehensive quotes process gives you the information you need and access to expert advice, or you can read our articles for more guidanceMatt Sanders, Gocompare.com
How can we help you with income protection insurance today?
With the help of ActiveQuote you can compare income protection insurance policies (IPI) in one quick, easy search, while our partner also offers free, impartial advice from its team of product specialists.
The simple-to-use forms will ask for your basic personal, contact and employment details, including gross annual income.
Options for cover are accident and sickness only, unemployment only ('redundancy insurance'), or the more comprehensive accident, sickness and unemployment (ASU).
You'll be asked what you want to protect; your salary, mortgage payments, loan and credit card repayments, or any other financial commitments.
Select when you'd like your policy to start and how long you'd like it to cover you for (the 'policy term'). This may be for a fixed number of years or until a specific point in the future, such as your retirement age or until your mortgage ends.
Our comparison software looks at short-term and long-term income protection policies
You can choose to compare terms from one to 75 years, but note that most providers will only cover you up to retirement age, and the maximum age generally accepted by insurers as a retirement age is 70.
When you reach the comparison table, also pay particular attention to the 'benefit term' - how long the product pays out for after a successful claim.
Income protection insurance can pay you up to 70% of your gross annual income and you can choose how much you wish to cover. There's also the option of looking at cover for employment benefits in kind (P11D benefits) such as private health insurance or a company car.
Typically, the lower the amount of cover you're seeking, the lower the premium. What's more, if you're seeking to protect 70% of income and/or P11D benefits, your choice of insurers will be more restricted.
- The deferred or wait period is how long you have to wait before a policy pays out. This could be from back-to-day-one to 112 weeks
Providers take certain information into account when deciding your premium, such as the number of hours you work, how long you've been in continuous employment, your occupation, residential status and whether you use tobacco and/or nicotine products (including cigars, cigarettes, chewing tobacco, pipes and nicotine replacement products such as e-cigarettes or 'vapers').
It's vital that you're as accurate as possible with the details you provide as mistakes or omissions may invalidate the policy.
Once you've entered all the relevant details, our comparison software looks at short-term and long-term income protection policies and can let you filter through the results so you can find options with the right cover for a price that suits you.
- Policies can offer cover for 'own occupation' (if you can't do your specific job), 'suited occupation' or 'any occupation' (if you can't do any job)
The results page will show you each policy in a manageable table with details on monthly benefit, policy term, benefit term and waiting or deferred period.
You can filter whether you wish to be protected against accident and sickness, unemployment, or both, by benefit amount, benefit period and/or wait period.
You'll be able to view the key features of each product, including information on the policy provider and, subject to your circumstances, you'll either have the opportunity to purchase online or be given a number to speak to the insurance provider about your chosen product.
For further information you can talk to one of ActiveQuote's team of product specialists for free, impartial advice that can help you find the right policy suited to your budget and needs.
Did you know...?
- The average claim paid out for income protection insurance in 2014 was just over £10,000
- On average, policies paid out for nearly four years
- 92.9% of claims were paid out
If you'd rather do your own research, you could try our income protection insurance guides, where you'll also find the answers to frequently asked questions.
Our guides can help with the basics such as whether you need IPI, the impact on state benefits, typical exclusions and the factors that impact on the premium price.
Read more about the different types of products including guaranteed, reviewable and age-related policies, with more information on areas such as terminal illness cover, lump sums at death, waiver of premiums whilst incapacitated and support for rehabilitation.