Best income protection insurance

Scottish Widows started providing income protection in October of 2024, making them relatively new to the income protection market.

However, Scottish Widows are no strangers to financial protection. They’ve been around since 1815, originally set up to help widows after the Napoleonic wars.

Nearly 200 years later, they’ve got over 10 million customers across their range of products (which includes income protection, life insurance, pensions and more).

Scottish Widows offer income protection to UK residents aged 18 – 59, you must be working an average of 16 hours per week in order to be eligible to take out a policy.

Through Scottish Widows, you can protect up to 60% of your earnings up to £70,000 and 45% on earnings above £70,000 up to a maximum monthly pay out of £20,000.

They use the example that if you earn £50,000 per year you could get a maximum pay out of £30,000 (or £2,500 monthly).

You have the choice between a level benefit amount which will remain the same throughout the policy term or an increasing benefit that will increase to protect the pay out from inflation. Please note that the maximum benefit amount could differ if you opt for the increasing benefit option.

Scottish Widows income protection includes many wellbeing support services which could be beneficial. Such as their clinic in a pocket service which gives you access to remote GP and prescription services, as well as RedArc support services which gives you access to a team of nurses.

We breakdown the full policy details below:

LV= (Liverpool Victoria) are a major insurer. They offer insurance (such as income protection and life insurance), as well as retirement solutions and investments.

Starting life in 1843, they’ve now got over one million customers.

LV= are consistently recognised for their income protection at the Moneyfacts Awards, winning the ‘Best Income Protection’ category 15 years in a row.

LV= offer income protection as part of their Flexible Protection Plan. It’s a package of flexible insurance products that includes income protection, life insurance and critical illness cover.

You can combine different policies to create your ideal cover solution.

When choosing their income protection, you can protect up to 60% of your annual earnings up to a maximum monthly benefit of £20,833 (or £250,000 per year).

You have the choice between a level benefit amount (that stays the same) or an increasing benefit amount (increases to protect pay out from inflation).

LV= include many helpful additional features in their cover, such as parent and child cover (a lump sum will be paid if your child is diagnosed with a specific serious illness), teachers sick pay guarantee and a range of member benefits (such as discounts on LV=’s other services).

We breakdown the full policy details below:

LV= also offer the ‘Personal Sick Pay’ income protection plan which is an alternative option that’s aimed at those with ‘high-risk’ occupations. It’s rated as 4 stars by Defaqto.

Why not read our complete LV= income protection review for more information on all of their options?

Aviva are the UK’s largest insurer, so you may be familiar with their brand name.

They’ve been in business for more than 325 years, giving them great experience in protecting their customers.

With over 20 million customers across the UK, Ireland and Canada it’s clear that they’re a trusted provider.

Aviva also offer the ‘Living Costs Protection policy’. This is a more simplified income protection offering and is rated as 3 stars on Defaqto.

Shepherds Friendly were founded in 1826, giving them 200 years of experience in helping members protect their income.

In 2024, they paid out 96% of all their income protection claims, giving them the highest pay out rate on our list. Furthermore, in 2023, they won ‘Best Claims Support’ at the ILP Moneyfacts Awards.

This shows that they have a great track record of paying out and that they are supportive to customers when it comes to making a claim.

Shepherd’s Friendly aim to keep things simple with their online application process. They claim you could be covered in just 10 minutes.

They don’t increase premiums based on hobbies or health conditions. They use ‘moratorium underwriting’ which means they can offer cover if you have a pre-existing health condition as long as you haven’t had symptoms or treatment in the last 3 years.

They could be a good option if you’ve struggled to find affordable cover due to being considered as ‘high-risk.

Through Shepherd’s Friendly you could protect up to 70% of your annual income up to a maximum of £33,600 per year. While this is the highest percentage on our list, the maximum pay out amount is lower than many others mentioned on our list.

We breakdown the full policy details below:

Founded in 1872, Zurich now are a global insurer that operate in more than 215 countries (with their headquarters located in Zurich, Switzerland).

Zurich offer a range of financial protection services, including income protection, life insurance, pensions and savings solutions.

Their income protection can’t be purchased directly. You must purchase a policy through a financial advisor or broker.

Zurich offer income protection to UK residents aged 16 – 64. This is a wider age rage than other insurers on our list.

Through Zurich you can protect up to 65% of your annual income up to £60,000 plus 45% on income over £60,000. This is up to a maximum benefit of £20,000 per month.

You can choose between a level benefit amount (stays the same) or an increasing benefit amount which will increase to protect the pay out from inflation.

Zurich offer a good range of both free benefits and benefits that can be added for an additional cost.

We breakdown the full policy details below:

It’s important to remember that something being the ‘best’ is subjective. Our number 1 income protection ranked first due to being rated highly by independent review sites and customers, as well as having a high pay out rate.

However, that doesn’t necessarily mean they’re the right insurer for you. A different insurer on our list, or one that didn’t make the top 10, could offer the right cover for your needs instead.

That’s why comparing quotes is so important when you’re looking for a policy. why not compare fee-free quotes using our whole of market comparison service?

According to our whole of market income protection quote comparison service, Vitality offer the best value cover. 

This is based on price from the comparison table below:

Quotes are based on a non-smoker, in good health, with an annual income of £30,000. The policy term is until age 65, with a 6 month deferred period and short term payment period:

While we have identified Vitality as the best value based simply on price, it’s important to weigh up all policy features when deciding what’s right for you.

For example, if you want a policy that includes fracture cover, an insurer that includes it as standard could be better value than one that charges extra for it to be added.

It’s also important to remember that prices vary depending on your personal circumstances, so it’s essential to shop around to find the best deal.

There are many other excellent insurers out there that didn’t make the top 10 list. These include: