Income Protection icon

Why Buy Income Protection Insurance?

Understanding why it’s important to protect your income could help you to safeguard your financial security

Whether you are employed or self-employed, it is important to consider how you might be able to cope with all those monthly bills if sickness or an injury meant a lengthy period away from work.

You may receive some sick pay from your employer or you may have some savings to fall back on. But how long will these last for, and will they be enough to cope with mortgage payments, rent, energy bills, essential grocery shopping and all those other items that add up each month?

Despite the potential repercussions of not having a protection policy in place, Income Protection remains one of the most misunderstood insurance plans available.

Are you risking your income?*

Income protection policy icon

Have an Income Protection policy

Sickness or injury icon

have had to take a month or longer off work due to sickness or injury

Sickness or injury icon

have had to take 3 months or more off work due to sickness or injury

Sick pay icon

receive 3 months or less sick pay from their employer

No sick pay icon

receive no sick pay at all

Savings icon

only have up to 3 months income in savings

Less than month icon

have less than one month’s income in savings


Willing to pay icon

are willing to pay for Income Protection

Too expensive icon

believe it is too expensive

Median estimate icn

is the median estimate for Income Protection payout rates

Closer icon

is closer to the actual figure


Self employed icon

of self-employed have Income Protection

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of self-employed have 3 months or less income in savings

Self employed savings icon

of self-employed have less than 1 month income in savings

When you take out an income protection plan you have peace of mind that you can look forward to a monthly tax-free benefit you can go on receiving until you are well enough to return to work, or even up until retirement.

You can also benefit by adjusting your levels of premium, benefits and deferred period before payments start in order to control the costs to suit your changing circumstances.

*All figures are from the Drewberry Insurance Protection Survey 2015

How to buy Income Protection: You can open a plan online quickly and securely by clicking the button below:

Alternatively, if you would like assistance in applying or would like more information regarding the plan, you can speak to a member of our customer services team by calling 0800 195 2170


  • If you stop paying your premiums under this plan your benefit will cease and the plan will be cancelled.
  • Failure to review your plan may result in you being unable to claim the full amount.
  • If you cancel the plan you will not receive any money back.
  • Benefits received from this plan may affect your entitlement to any other benefit.
  • For the self employed it is 70% of the evidenced net profit stated in your accounts which will be used to calculate the benefit we can pay in the event of a claim.

*Male aged 32 with a waiting period of 26 weeks, £258 of cover, premium of £5

All references to taxation are to UK taxation and are based on Shepherds Friendly Society's understanding of current legislation and H M Revenue and Customs practice which may change in the future. For our With Profits plans investment growth is by means of bonuses, the amount of which cannot be guaranteed throughout the term of the contract. Please ensure that you read the full terms and conditions of this plan which are available from your financial adviser or by contacting us directly.