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Income Protection Insurance (IPI) is an insurance policy to pay benefits to policy holders who are incapacitated and unable to work due to illness, injury or an accident.

Income protection insurance (sometimes known as permanent health insurance) is an insurance policy to pay benefits to policy holders who are incapacitate and unable to work due to illness, injury or an accident.

It ensures you continue to receive a regular income until you retire or are able to return to work.

What are some examples?

It replaces part of your income – if you can’t work because you become ill or disabled.

It pays out until you can start working again – or until you retire, die or the end of the policy term – whichever is sooner.

It covers most illnesses that leave you unable to work – either in the short or long term 

Please take into account income protection insurance is not the same as critical illness insurance which pays out a one off lump sum, If you have a specific serious illness.

Do you need it?

According to certain resources, around one million workers a year find themselves unable to work due to a serious injury or illness.

If you have a family or you pay bills you should consider income protection insurance

If you are self-employed the last thing you want is to have zero income if there Is no back up sick pay.

Who doesn’t need it?

You might not need income protection insurance if:

  • You could get by on your sick pay. For example if you have an employee benefits package which gives you an income for 12 months or more.
  • You could survive on government benefits. But they might not be enough to cover all your outgoings.
  • You have enough savings to support yourself. Remember that your savings might need to see you through a long period.
  • You could take early retirement. If you’re near retirement age, perhaps you could afford to retire early. If you’re unable to return to work you might be entitled to take your pension early.
  • Your partner or family would support you. Perhaps your partner has enough income to cover everything the two of you need.