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Protect Your Income When Life Takes an Unexpected Turn

If, for any reason, you cannot work due to an illness or injury, how would you pay the bills? For most of us, our income is the building block of everyday life that pays for the mortgage, bills, food, and the family. Income Protection Insurance offers you a monthly payout if you are signed off work to allow you to keep your financial needs securely covered during your recovery.
With Clarity Compare, you can quickly choose the policy that is right for you, with access to exclusive rewards and competitive rates.

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What is Income Protection Insurance?

Income protection is designed to replace a portion of your salary based on your ability to work through an accident, illness, or injury. If you are unable to work, you will receive income protection payments for as long as your condition keeps you unable to work, until you:
Return to work
Reach retirement age
Pass away
Or until your policy expires This gives you ongoing support, and this can make a huge difference, allowing you financial support and peace of mind when you need it most.

What You Will Require to Obtain an Income Protection Quote?

If you want an income protection quote that is personalised, have the following information available:
Personal information: Your name, age, and address
Employment information: Your job title and whether you work for an employer or are self-employed
Annual income: Your income before taxation
Deferred period: How long you’d like to wait before payments commence, once you receive it
Required cover: How much you would like based on your income level each month

Once you have decided on the type of cover that you require, it will be easy to compare the quotes based on this information and get the right policy for you as quickly as possible.

What is Covered?

Most policies cover an extensive array of medical conditions, mental and physical. Some common examples include:

Musculoskeletal problems

Back pain, broken bones, joint problems (the leading cause of claims, ABI 2022).

Mental health problems

Stress, anxiety, depression.

Serious medical illnesses

Cancer, heart disease, stroke.

Coverage depends on your provider’s definition of incapacity - but in almost all cases, you will be covered if your condition stops you from performing your job.

How Much is Income Protection?

The premium depends on multiple factors:

1. Your age

The older you are, the greater the cost.

2. Your occupation

If your occupation has a higher risk, there will be a higher premium.

3. Length of cover

A long-term policy will be more expensive than a short-term policy.

4. Lifestyle

If you smoke or have certain medical conditions, this could impact the cost.

5. Deferred period

The longer you wait until payments are made from your chosen policy, the cheaper the policy cost will be.

6. Policy definition

Covering your specific role is more expensive than a policy that pays if you can do any alternative work.

Do I Need Income Protection Insurance?

You may want to think about it if:
You or your family depend on your salary to pay for bills that need paying.
You are self-employed or entitled only to Statutory Sick Pay (SSP).
You do not have enough savings built up to support yourself.

You may not need this cover if you already have something similar either through your workplace benefits, your mortgage protection or have sufficient savings.

Other Illness Insurance

Critical Illness Cover – Pays a sum of money if you get diagnosed with a serious illness that is specifically listed in your Critical Illness policy. Critical illness cover will be useful if you have debts to pay, but it is limited.
Accident, Sickness & Unemployment Insurance (ASU) – ASU policies provide short-term protection to cover you if you lose your job (perhaps through redundancy) or if you become sick and are unable to work.

Many people will combine policies as a means of increasing overall protection, depending on their specific circumstances and affordability
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Frequently asked questions

1. What is group income protection?

This is a cover you arrange through your employer that replaces income if someone is unable to work due to illness or injury (usually with rehabilitation cover, too).

Life insurance pays out if you die. Income protection helps if you need to stop working while you’re still alive.

Maybe, critical illness covers a specified set of illnesses and makes a statement of claim, while income protection could be written for cover for a much more comprehensive and wider scope of conditions and can replace you until you are better or for a period of time. Many people choose to have both options of cover for their peace of mind.