Income protection is there to help if you're out of work due to illness or injury.
We compare income protection from the UK's leading providers including Aviva, Legal & General, Friends Life and many more. This means you'll be able to find the best income protection policy for you. We've cut our commission by 75%, so you'll always find us cheaper than the main comparison sites. That means an identical product from the same provider for less. Click to give us your information - all we need from you is your age, profession, the amount of cover you’d like and the type of protection - and see how much you can save.
Compare quotes from the insurers below.
These prices are based on a 35-year old office administrator, non-smoker, purchasing £1,200 of income protection cover until the age of 65.
Prices are for the same Legal & General policy offered by each provider, and are correct as of April 29th, 2016.
Now looking at this table you may be thinking “Oh, it’s only a few pounds a month difference” and you’re right. But you know the saying “look after the pennies and the pounds will look after themselves”? Check out this example below.
The difference of £3.78 in the monthly premiums means you’ll pay an additional £1,360.80 for identical coverage over the lifetime of the policy; admittedly not a huge amount over 30 years. But if you were to invest that saving each month, for a 6% return, over the life of the policy, this would amount to a total of £3,838.82. This means that, over 30 years, you could be £5199.62 better off for the exact same outlay. Again, perhaps not a huge amount but surely better as a little windfall for you in 30 years than an unnecessary expense. And if you could afford to contribute an additional £6.22 to bring your monthly investment to just £10, after 30 years you would have accrued £10,155.60. Now that’s getting a bit more interesting! Even after 30 years, allowing for inflation, that amount would still probably pay for a nice retirement party or holiday. Does that make saving yourself only £3.78 every month just a little more interesting?
Income protection cover with a guaranteed premium means the amount you pay stays the same throughout the policy term. The premium will only go up if you increase the cover. Most policies like this cost slightly more to start with, but provide you with the assurance that prices won't change.
A policy like this will be reviewed at set periods, typically every five years, at which point your premiums could go up or down. You may find, however, that premium payments will start off cheaper than with guaranteed Income Protection cover, and any changes in your health will not affect the reviews.