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Since 2006 we have helped 339,597 people compare Protection Insurance quotes.
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Since 2006 we have helped 339,597 people compare Protection Insurance quotes.
We would love to do the same for you...

“But my savings will look after me”, and other common objections to income protection insurance

How many of us want to spend much time thinking about the worst things that could possibly happen to us? The short answer is... not many. We would much rather be immersing ourselves in the things that bring us joy in life right now. Or we might feel that we have too many ‘immediate’ challenges in our lives to ‘fire-fight’, to even have the time to consider what unexpected adverse events could occur in the future.

This brings us neatly onto the subject of income protection insurance. It works on a very simple principle: if you are rendered unable to work, and therefore to pay your way in life, due to an illness or injury, this type of cover can protect you by providing monthly tax-free payments.

However, there might also be circumstances in which you feel income protection insurance wouldn’t really be necessary for you. So, let’s take a closer look at some of those.

“I’ll get by on my savings if I get ill”

Technically, it might be true for you - depending on your circumstances - that in the event of sickness or injury preventing you from working, you could live off your accumulated wealth for a while. But even if that was the case, would you want to be draining your hard-earned wealth in such a way?

The fact is, for some of us, income protection insurance might be more of a ‘nice to have’ than an absolute ‘essential’... but the lines between those two categories can also become somewhat blurred.

If you want to keep more of what you have worked so hard to earn in life, you will almost certainly prefer being able to make a claim on an existing income protection policy over relying on savings.

“I’m under 30, so I don’t really need it yet”

This is where we get onto the question of, “but how much would income protection insurance cost you if you left it until later?” The older you get, the likelier you are to develop an illness, and the higher you can therefore expect income protection cover to cost.

And of course, it’s not as if twenty-somethings never fall ill or sustain an injury that prevents them from working, to say nothing about the often-precarious living and financial conditions that many younger people face that can put them at risk.

So, with income protection insurance, it can often be a good idea to take out such a policy when you are young, and will therefore pay less for cover, and have the policy in place to protect you.

“Income protection insurance never pays out anyway”

Erm, yes, it does! According for figures from the Association of British Insurers (ABI) for 2020, 86.5% of income protection claims did lead to a payout.

So, what happened in those instances when a payout didn’t occur? The things to remember here are that, as long as you are rendered unable to work due to medical reasons, a doctor has signed you off as being unfit to work, and you meet the definition of incapacity set out by your insurer, your income protection policy will pay out.

You will, though, need to be aware of what method your insurer uses to assess this. They may, for instance, go by the ‘own occupation’ definition, whereby if your illness or injury prevents you from carrying out the main tasks your job requires, the policy will pay out. So, you should be sure to scrutinise this aspect of the policy before purchasing it.

Are you ready to look seriously at income protection insurance, but still need some help and advice to determine the best route forward? If so, you are very welcome to call our no-obligation advice and quotation line today, on 0800 316 6917.

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Read What Our Customers Think of Us

Five Stars (4.9)

Great communication, help and guidance.

All my questions were answered, as I know little on how life cover, critical illness and terminal insurance policies work.

I was given good independent advise, so I could confidently make my choice on what was right for me.

- Denise

Clear, friendly, efficient and prompt service.

No nonsense, no jargon, just clear and informative guidance. Very quick with results which did not disappoint. Delighted with my deal which was a third cheaper than my own bank offered me and I didn’t do any of the legwork. More than happy to recommend.

- Ms Shannon

I found the customer service representative very polite and informative and helpful.

I wished some information on life insurance for a mortgage I have applied for.

All in all the process was very useful and informative and the representative was very helpful and polite. I would recommend this online service to anyone who is looking for life cover.

- Mrs Severn

Very good professional service.

I was impressed by the quality of service by the advisor who dealt with my request. He has carefully listened to my requirements, asked a few relevant questions and has provided me with the option which suited my needs in the best possible way. I have really admired his flexible approach and fantastic customer skills.

- Mrs Cookson

Professional and no-nonsense approach.

Very thorough yet friendly service. Good contact and information one can understand.

- Heather Cronley

A professional customer centric company with the client at the heart of the transaction.

The advisor put me at the heart of the transaction, was professional, gave realistic opinions and suggestions offering me choices in clear terms which I understood.

- Andrew Hughes

Outstanding service and knowledgeable customer service rep.

I received a call as promised in my email. Marie Bedding was very knowledgeable in her subject matter, she took some basic details and was very polite and courteous in her manner.

Marie was very sensitive when discussing personal circumstances and listened carefully and showed compassion to my details. Marie then said ‘leave it with me and ill get back to you’, within 20 minutes Marie was back on the phone with the quotes as promised and gave me a selection of options to chose from.

Marie did not pressure me with the ‘Hard Sell’, I needed time to discuss the options with my partner, Marie kindly emailed me all the details and left it in my hands to contact her once I had made a decision and if I would like to go ahead with the policy.

I cannot fault this service and the professionalism I received.

- N Marsden

Excellent Service.

Great service, easy to understand terminology. Everything explained and documented by adviser. Thank you.

- Glenda

The quotation service is provided by an FCA-authorised insurance specialist

Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
Critical Illness Cover: £10/month = £27,546 sum insured
Combined Life & Critical Illness Cover: £10/month = £25,230 sum insured

 

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