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Since 2006 we have helped 339,605 people compare Protection Insurance quotes.
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3 useful things to know about income protection cover amid the cost-of-living crisis

As we have touched on previously here on the QuoteLifeCover.com blog, there are a few schools of thought when it comes to the relevance - or otherwise - of protection insurance at times like the present, when many people are struggling under the weight of elevated living costs.

Essentially, you’re probably likely to see a protection insurance policy as an additional expense you don’t need, or as the complete opposite: an utterly indispensable layer of protection against the worst that could happen.

In the case of income protection insurance, that “worst”-case scenario would be long-term sickness or disability rendering you unable to work and earn for yourself. But what are some of the slightly lesser-known things about income protection cover that could make it an even more invaluable thing to have during a cost-of-living crisis?

Self-employed people can have income protection, too

It’s easy for many people who are self-employed to assume that they can’t access many of the perks that life as a ‘traditional’ employee would offer. That perception might extend to income protection cover - but actually, it is perfectly possible for someone who is self-employed to get income protection insurance.

If this is the case for you, an income protection insurance policy would work in much the same way as it does for everyone else, providing monthly tax-free payments for a certain period of time to help protect your standard of living.

Bear in mind, however, that your eligibility for income protection cover as a self-employed person is likely to be subject to you working a certain minimum number of hours a week.

There are a lot of ways to tailor an income protection policy to reduce the costs

You don’t necessarily need to make a binary choice between having the “complete” income protection insurance policy that caters to every single priority you could possibly have for such insurance, and not having an income protection policy at all.

That’s because you are likely to be able to lower the price of such a policy while still catering to your most pressing needs. You might do that by choosing a longer deferral period - which is the period of time that elapses after a claim before the benefit starts to be paid to you - or choosing your policy to cease payouts at a slightly earlier stage than you may have initially intended.

While we can’t deny that this process is likely to involve weighing up various ‘trade-offs’, a good rule of thumb is that it is often better to have some protection, than none.

You can have a policy covering multiple occupations

Many of us might be likelier to choose to work more than one job in order to make ends meet during this financially challenging time. But what implications would that have for any income protection insurance policy you take out - could you purchase a policy that covers all of your jobs?

The short answer is, yes you can! However, the insurer will probably expect the total number of hours that you work across all your jobs to at least reach a certain level per week, otherwise you won’t be eligible to make a claim. You will also probably only be able to make a claim on the policy if the given sickness or disability has rendered you unable to do any of your jobs.

Would you appreciate a tailored conversation about your situation with a UK adviser who - instead of being a pushy salesperson - will be able to help you make the most informed choice for your own needs? If so, you are very welcome to call our no-obligation advice and quotation line for free, on 0800 316 6917.

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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.

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Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
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