Are you paying too much for income protection insurance? If so, simply find the provider that best matches your profile using the UK life insurance company Insurance Quote finder or get an online quote direct from the top insurers listed on the right.

Alternatively, read our guide below concerning what the public need to know regarding insurance for protecting your income.

Income Protection Guide

This type of insurance is designed to protect you by providing an income for a period of at least 12 months or longer depending on the policy provider in the event the insured person is unable to work following an unexpected illness or injury. In some cases, individuals may be entitled to state aid or receive wages from their employer should this type of misfortune occur, others may rely on investments elsewhere, however, many will suffer a shortfall in income. The other main scenario where income protection provides benefit is where a person is made redundant from their place of employment. In the case of self employed income protection insurance cover normally applies when the business has ceased trading subject to conditions.

As with most types of life policies you are covered if something unexpected happens. With regard to income protection insurance schemes, pre-existing medical conditions or advance warning of possible redundancy are not covered once the policy is taken out.

The amounts you can expect to receive each month should you need to make a claim depends on the scope of the policy, however, is it normal for a ceiling limit to be applied regardless of income. Many insurance policies for the protection of income stipulate that you can only insure up to half your monthly incomings, although this is up to the insuring company and their terms and conditions.