Use our income protection insurance calculator to work out…
The table below answers key questions about each policy to show how they differ:
|Income protection||Life insurance|
|When will it pay out?||If you’re unable to work due to illness or injury||If you pass away during the policy term|
|What will it pay out?||Monthly payments||A lump sum payment|
|Who benefits from the pay out?||The funds will be paid to you to help cover key living costs/financial commitments||The funds will be paid to your loved ones to help them cover essential costs|
|How much will it pay out?||Benefit amount (cover amount) could be up to 70% of your usual income||Cover amount (sum assured) could be a maximum of £1,000,000|
|What policy options are there?||Long-term or short-term policy options available||Term-based or whole of life options are available|
|How much does it cost?||Available from 20p-a-day through Reassured Advice ‡||Available from 20p-a-day through Reassured Advice †|
Essentially, one protects your earnings during your working life and the other protects your loved ones when you’re no longer around.
When using a broker (like Reassured Advice) a helpful expert will be on hand to explain the full details of each policy, take your personal circumstances into consideration and provide recommendations on what’s best for you.
That could be income protection, life insurance or a combination of the two.
Simply get in touch today for your fee-free quotes.
It’s a common misconception that if you have one policy in place, you don’t need the other.
In fact, 39% of people say they wouldn’t take out an income protection policy if they had an existing life insurance policy in place.
However, as each policy will cover you for different circumstances, it can be beneficial to take out both polices simultaneously (if your budget allows).
An income protection policy to cover your income and a life insurance policy to provide your loved ones with a lump sum payment after your passing.
Whether you need income protection, life insurance or both will be down to your personal circumstances.
By working out what you’d like to protect, you can establish what form of cover might be best suited to your needs.
Alternatively, talking to an expert like Reassured Advice, means you can receive recommendations based on your personal circumstances.
Typically, when applying for income protection there are two policy options available:
There are multiple life insurance policies available. Most commonly you have a choice between term-based cover and whole of life cover.
Why not check out our in-depth how life insurance works in the UK article to find out more »
Income protection and life insurance typically can’t be taken out as a combined policy.
However, if your budget allows, you can take out both policies separately at the same time.
Both life insurance and income protection can be secured from just £5 a month through Reassured Advice.
However, with both policy types, the exact price you pay will depend on certain key information.
This includes details about your personal circumstances and your chosen policy details.
Details taken into consideration to calculate your income protection premium include:
The table below shows a price comparison between income protection vs life insurance:
price per month
price per month
Income protection quotes are based on a non-smoker, in good health with an annual income of £30,000. The policy provides cover until age 65 and has a 3-month deferred period
Life insurance quotes are based on a non-smoker in good health for a level term life insurance policy for £100,000 of cover over a 20-year term
Compare income protection and life insurance quotes through Reassured Advice to find the most affordable solution.
The main benefit of income protection is that it can help you to replace lost income during periods of ill health or injury.
Up to 70% of your usual income could be paid out (on a monthly basis) to help you cover key financial commitments.
This could reduce the need to dip into savings, make cutbacks to your daily life or rely on others.
|Can help you to replace lost income if you become incapacitated||Won’t pay out to you if you pass away (although some policies may offer a small lump sum if you pass away while your policy is active)|
|Up to 70% of your income could be paid out||Won’t pay out the full amount of your income|
|Pays out in monthly instalments to help with budgeting||Monthly payment may not be sufficient to cover larger expenses|
|Payments aren’t tied to a specific financial commitment so you can spend them as you wish||If you have a high-risk occupation (or if other high-risk factors are identified) you may pay more for your cover|
|Can be possible to make multiple claims throughout the policy lifetime||Won’t pay out for unemployment (including redundancy)|
|Can be secured through Reassured Advice from 20p-a-day|
If you’re unsure if income protection is the right option for you, why not speak to a member of the Reassured Advice team?
The team can be on hand to answer any questions, help you through the application process and provide you with quotes from all the UK’s best providers.
The main benefit of life insurance is that it can provide you with peace of mind knowing that your loved ones would be protected financially if the worst were to happen.
Having to make changes to meet a new budget can be stressful, especially at a time of grief.
A life insurance pay out can help to provide the funds to ensure that mortgage payments or rent is covered, as well as other daily living costs - allowing your family to carry on with their current lifestyle.
|Can provide essential financial support when loved ones need it most||Loved ones will only receive a payment if you pass away while your policy is active|
|Pays out a lump sum pay out which can help to cover large expenses (such as a mortgage, funeral costs and/or living costs)||It can be possible to outlive the term of your policy (meaning no pay out is made)|
|There are a variety of policies available (such as term life insurance, whole of life insurance and over 50 life insurance)||Can be possible to pay more into the policy (for example, if you take out whole of life insurance at a young age)|
|Extra safety nets of protection can be added to your policy (such as terminal illness cover or critical illness cover)||You may experience higher premiums if high risk factors are identified during the application|
|Can be purchased through Reassured Advice from 20p-a-day|
Reassured Advice can help to provide you with all the information you need to make an informed decision as to whether life insurance is right for you.
They can also provide you with quotes from all of the UK’s leading providers.
When deciding between income protection vs life insurance, it doesn’t always have to be one or the other.
If your budget allows, it can be possible to secure both policies simultaneously to provide a comprehensive cover solution.
Reassured Advice can take your personal circumstances into consideration and provide you with expert recommendations on what’s right for you.
A friendly member of the team can also help you compare quotes from all major UK providers, to help you find the best available deal.
So why not get in touch to find your ideal cover solution? Quotes are personalised, without obligation and fee-free.
The best part is, both life insurance and income protection can be secured from as little as 20p-a-day.
Use our income protection insurance calculator to work out…
Who has the best income protection insurance to meet your…
What’s the difference between income protection insurance…
Did you know that you can compare income protection quotes…
What is mortgage income protection and how does it work?…
Can you secure income protection with a pre-existing…
Income protection for self-employed pays-out a tax-free…
Have you ever asked 'Can you have more than one life…
Does income protection cover mental health? Find out the…
What income protection insurance options are available for…
Everything you need to know about income protection…
Everything you need to know about an income protection…
Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry