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Income Insurance

Paying the bills can be tricky even at the best of times. However, when accidents, sickness or unemployment strike, that tricky necessity can become an all-consuming struggle.

Consequences can reach far beyond one individual. Family members, spouses and loved ones who are dependent on your income are often hit the hardest, and sometimes even the happily-employed have to drop out of work to care for ill relatives.

In such volatile times, it’s a good idea for both the employed and self-employed to have a policy that offers financial protection for 12 or 24 months.*

What options are available?

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    Accident, sickness and unemployment cover

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    Accident and sickness cover

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    Unemployment cover

How does it work?

If you are made unemployed or can’t work for as little as 30 days through accident or sickness, income insurance can provide a regular monthly payment for 1 or 2 years, with the option of back to day one cover.

* Regular monthly premiums must be maintained.

What payments are made?

You could receive up to

  • £2,000

    a month

  • 65%

    of gross monthly income

Depending on how much you pay for your policy, you could receive up to £2,000 a month or 65% of gross, whichever is lower. Gross monthly income is the average monthly salary before tax, including any commission and/or bonus payments received (if in full-time employment), or the monthly average of your income as declared on the self- assessment return for the previous tax year as confirmed by HMRC (if self-employed).

How long do the payments last?

There is a choice of either:

  • 12

    months

  • 24

    months*

How long do I have to wait for payment?

You can choose from a number of different ‘qualification period’ options. This is the number of consecutive days from being unable to work until the monthly benefit begins:

  • Back to day 1

  • 30 day excess

  • 60 day excess

  • 90 day excess

  • 180 day excess

How much does it cost?

We have policies to suit all budgets, but the decision is usually based on your outgoings. It’s sensible to make sure that main outgoings are protected and there is enough to cover the necessary period.

What else is covered?


If you choose unemployment cover as part of your policy and you are made redundant, you will be entitled to free back-to-work support.

How much does it cost?

Does the Government help?

The government do offers assistance, but the amount can be alarmingly low and won’t last long.

For example, a single person over 25 is only entitled to £73.10 of Jobseeker’s Allowance each week, the standard rate for statutory sick pay is just £88.45 a week (paid to a maximum of 28 weeks) and Employment and Support Allowance for a single person over 25 suffering illness or disability starts at just £73.10 a week.

If you’re taking out a new mortgage or re-mortgage, you are unlikely to receive any assistance with your mortgage repayments for the first 9 months of your claim. Moreover, the payment of state benefit only applies to mortgage interest payments up to a maximum loan of £200,000, or on a loan of £100,000 if receiving pension credit. It does not cover capital repayments, or any other related costs such as the premiums paid on a life insurance policy or savings plan linked to a mortgage.*

*Based on Paymentshield’s understanding of the current state benefit system.

Does the Government help?

Am I eligible for cover?

Who isn't eligible for cover

You are eligible for cover under the policy if you:

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    Are aged over 18 and under 64

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    Haven’t been registered as unemployed in the 12 months before the start date of this policy

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    Have been in full-time employment or self-employment for at least six continuous months

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    Live or work in the UK, Channel islands or Isle of Man

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    Are unaware of any circumstances which may result in you making a claim under this policy

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    Are working on a fixed-term contract for at least 24 continuous months, immediately prior to the start date

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    Are in paid work for at least 16 hours a week

If your policy includes unemployment cover, then in the six months before the policy start date, you must also meet the following criteria:

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    Have a company or employer that is not in administration, or has not announced formally or informally that it is going into administration, receivership or liquidation.

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    Have not received formal or informal notification that your own job is at risk

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    Have an employer that has not formally announced its intention to make job cuts or made any mandatory reductions to basic salaries or contractual working hours to the workforce at their location of work

Put your mind at rest. Call now on 0845 0555 666

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