Types of Income Protection 

Income protection does come in many guises but in general you will find the following levels of cover:

  • Accident and sickness insurance only
  • Unemployment insurance only
  • Accident, sickness and unemployment insurance combined

Depending on the insurer you may be asked whether you want the money to help towards mortgage or rental payments, loss of income earned (your monthly salary) or a loan.  You will then be able to choose your level of income protection up to a specified maximum amount which is usually around £2,000 a month.

You will also be able to select the length of time the benefit is paid.  For accident, sickness and unemployment this will normally be between 12 and 24 months.  Accident and sickness only cover can run much longer and in some cases to retirement.

To get personal quotes from leading insurance providers, why not compare income protection with Over50choices. It takes just a couple of minutes; all you need to do is choose the cover required and answer a few simple questions.

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