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Income protection
Income support in the event of illness or injury.
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How income protection works
Losing your income because you can’t work can be tough. Having a plan in place can make all the difference.
Income protection cover gives you a tax-free monthly payment to help you if a health condition, accident or injury affects your ability to work.
Income Protection is provided by Scottish Widows who are part of Lloyds Banking Group.
Check if you can apply
You must:
- be between 18 and 59 years
- work on average over 16 hours per week
- be a UK resident (but not resident of the Channel Islands or the Isle of Man)
- have been registered with a UK GP for at least two years.
Things you need to know
- You can receive up to 60% of the first £70,000 of your earnings, and 45% of the remaining amount of your earnings, if they’re beyond £70,000.
- You can cancel at any time, free of charge.
- You can choose the amount of cover and duration of your policy.
- Income protection doesn’t pay if you’re off work for other reasons like unemployment or redundancy.
Designed to work for you
There are two ways to get income protection cover.
Level cover
The amount of cover you choose, and the amount you pay each month stays the same for the length of the policy.
This can give you a sense of security that the amount you pay will never change.
Increasing cover
The aim of this policy is to help match increases in the cost of living. Your monthly payment amount will increase over time, and so will your cover amount. The amount you pay increases by a slightly higher rate than your cover amount.
We’ll tell you each year how much your cover and your monthly payments will increase by.
Income protection stories
Included at no extra cost
Clinic in a pocket
- Supplied by our partners Square Health
- Repeat prescriptions
- Unlimited virtual GP consultations
- Medical support 24/7, even when abroad
RedArc
- Supplied by our partners RedArc
- Specialist nurse giving advice and emotional support in the event of illness or trauma.
- Help and advice are a phone call away.
Hospital cover
Pays you a lump sum if you spend six consecutive nights or more in hospital.
(Maximum of 90 nights).
Fracture cover
Income Protection will pay a lump sum dependent on the type of fracture you have.
Work out what it costs
How much does income protection cost?
To get a good idea of how much your cover could cost, you can get a quote from one of our experts.
The average cost can vary greatly depending on your circumstances:
- your age at the start of the policy
- if you smoke, vape or use nicotine products
- your occupation
- the amount you want to cover
- how long you want the policy to last
- the type of cover you choose
- your answers to the application questions.
Speak to an expert to arrange income protection
A protection expert will speak to you on the telephone and find a policy that works for you.
Scottish Widows protection products have no cash-in value at any time. So, if the policy ends without a claim, you won't get any money back. If you don't make payments on time, your cover will stop, your policy will end, and you'll get nothing back.
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