Income protection insurance

Income protection insurance pays out a regular cash payment that replaces part of your lost income if you can’t work due to a medium to long-term illness, injury or disability. It can also be called ‘permanent health insurance’ (PHI) – but is not the same thing as private health insurance. Income protection insurance does not cover redundancy. To have income protection insurance cover you generally have to be in full-time paid work or be self-employed.

The criteria for getting income protection insurance is high so it can be difficult and/or very expensive to get depending on your occupation and personal health. Many insurers will have a list of occupations that are excluded from their income protection policies.

Last updated on 28 September 2021

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