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Income Protection
Insurance that provides you with a regular income to protect against long-term illness and injury.
Although not life threatening, having an accident or illness that can keep you out of work will have a devastating effect on your ability to take care of your family and pay the household bills. TQ Protect can help you choose the right type of cover at the best possible price.
Key features:
- Monthly premiums
- Monthly benefit payments
- Payments will be tax free under current tax rules, although this might change in the future
- Cover available until you return to work
- Affordable and easy-to-arrange
Things to remember:
- There is no cash in value
- If you stop paying your premiums the cover ends
- The level of cover you need will depend upon your own needs
- Income Protection does not cover being made redundant
What is Income Protection?
This type of cover provides you with a monthly income if you are unable to work due to accident or illness, enabling you to continue to look after your family and pay your household bills.
- You can choose the amount of cover you require to replace any lost earnings as a result of being out of work
- The policy has no expiry date and will only end if you cancel it, or your full-time employment comes to an end, such as when you retire
- You can set a ‘deferred period’, which is the amount of time you wish to wait before you start to receive benefits. The longer you set this ‘deferred period’ the lower the cost of Income Protection will be
- Under current tax law the benefits from an income protection policy are tax-free.
Income Protection is a very useful cover to provide for your family. They are particularly useful for the following people:
- Families with only one source of income
- Home owners with monthly mortgage payments
- Families with regular monthly bills such as energy bills, credit cards and loans
- Self employed people whose income is dependent on them being able to work
- Employees who receive limited or no sick pay from their employer if they are unable to work through illness or injury
Not right for you? Discover your options
One of our Protection Specialists can run through your options with you and explain the different types of cover in detail. Call 0800 068 5043.
Top tip
To help decide how much cover you need, add up your ongoing bills on a monthly basis, including your mortgage payments.
Income Protection FAQs
A. A deferred period is the amount of time that must pass between your first day off work and the point at which you will start receiving benefit if you make an eligible claim on your Income Protection policy. Deferred periods help you to make the most of any employer's benefits, or sick pay, before using your policy - and longer deferred periods help you to keep the costs down.
Q. What illnesses are covered by income protection?
A. There is a wide range of illness covered by Income Protection, including mental illness (including stress and depression), musculoskeletal problems (relating to muscles and bones and including back pain), heart disease and cancer. Each provider will cover different types of illness, so it’s best to find out these before taking out cover. Income protection may not cover pre-existing conditions.
Q. Would the income affect my benefits?
A. Any income you get from the policy may affect means-tested benefits. Providing your premiums are paid from taxable income, the benefit we pay will be tax free under current tax rules, although this may change in the future.
Q. If I'm made redundant, will you pay me any benefits?
A. Unfortunately not. Income protection covers illness and accidental injury only.
Our trusted providers
We choose providers we believe provide the best value. Here are some of our trusted providers:
