Compare long-term income protection insurance

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Due to the coronavirus outbreak, we are currently unable to offer comparison for Unemployment cover as some of our insurance providers are unable to provide cover. However, we are still able to offer comparison for Accident and Sickness cover.

What’s the difference between short and long-term protection?

Short-term income protection policies are sometimes known as accident, sickness and unemployment products. Usually, they only pay out for one or two years. 

There are several different short-term policies. These include payment protection insurance and  mortgage payment protection  insurance. Both mean that you won’t default on any outstanding loans. You’ll also find short-term policies that pay out if you find yourself unable to work. 

By contrast, long-term protection can provide a  regular, tax-free income  if injury or illness means you’re unable to work for a longer period. 

What does long-term income protection cover me for?

If you take out a long-term income protection policy, you’ll be protected against  accident and sickness.

If illness or injury leave you unable to work, your policy will cover a set proportion of your income. Some policies allow you to claim more than once. That means if you’re ill, then recover, then fall ill again, you could still claim. 

And if you were to suffer from a serious disease or condition, like cancer or permanent disability, the policy could pay out until you retire, die, or become well enough to work again.

How long does long-term income protection cover last?

Most policies have a  minimum term of five years  and will go on until you reach 67 or your planned retirement age. You might want a policy that lasts until you plan to retire. That way, you’ll have earnings cover in place for the rest of your working life.

Frequently asked questions

What’s the difference between long-term income protection cover and critical illness cover?

Critical illness cover pays a lump sum if you’re diagnosed with a specific illness, such as cancer. Income protection cover pays a regular income for a set period of time if you’re deemed too ill to work, regardless of the condition. This can include mental illness if you have long-term cover.

How does income protection cover work?

Income protection policies offer different levels of cover:

  • Own occupation – this level of cover lets you make a claim if an accident or illness prevents you from carrying out your own job. It tends to be the more expensive, but also the most comprehensive.
  • Working tasks – this is more restrictive and provides the lowest level of income protection. You’ll only receive a pay-out if you’re unable to perform the most basic day-to-day living tasks, such as walking or lifting objects.

How much of my income will the policy cover?

That depends on how much you earn and which premium you choose. In many cases you can insure a set percentage of your pre-tax earnings, usually between 50% and 65%, but the percentage can be as high as 70%.

Think about how much you want to protect. As a minimum you’d want to cover your essential monthly outgoings. For example, rent or mortgage payments, household bills and any debts – plus an allowance for everyday spending.

What is a deferred period?

The deferred period is the time you’d have to wait before the policy kicks in and starts delivering. It makes sense to arrange for the policy to start paying out when your employee sick pay stops. You’ll need to check your contract, as this will vary between employers. 

It’s worth remembering that the longer the deferred period is, the lower your premium is likely to be.

Will my policy cover unemployment?

Most long-term income protection policies are designed to cover accident and sickness, but some have an option to include short-term redundancy protection.

The insurance market is very competitive, so it’s a good idea to compare policies and prices. 

What do I need to get a quote?

We’ll need you to answer a few questions about:

  • the kind of job you do
  • your health
  • if you’re employed or if you’re self-employed
  • if you’re a smoker or if you use nicotine-based products
  • the deferred period you want
  • the amount of cover you’re looking for, based on your monthly income

We’ll then send you a list of suitable quotes, so you can compare them.

Start a quote

Why use Compare the Market?

Get a quote in 2 minutes** We compare 16 products for accident, sickness and unemployment insurance*** 93.3% of users would recommend Compare the Market to friends or family****

**On average it can take less than 2 minutes to complete an income protection Accident, Sickness and Unemployment quote through Compare the Market, based on data in September 2020.
***Correct as of October 2020. Please note, currently we are unable to offer comparison for Unemployment cover, due to the COVID-19 pandemic.
****For the period 1st June 2020 to 31st August 2020, 10,731 people responded to the recommend question.  10,011 responded with a score of 6 or above, therefore 93.3% are likely to recommend.

Kamran Altaf

From the Life team

What our expert says…

“Before taking out income protection insurance, check your employment contract first, to see if you’re already covered under your sick pay arrangements.  
“Also check if you’re entitled to any state benefits if unable to work. This won’t mean that you can’t take out income protection cover, but some insurance providers may reduce the pay-out amount if you also receive state benefits.” uses cookies to offer you the best experience online. By continuing to use our website, you agree to the use of cookies. If you would like to know more about cookies and how to manage them please view our privacy & cookie policy.