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Income protection insurance

Income protection insurance (sometime known as permanent health insurance or disability Insurance) is a long-term insurance policy designed to help if you are unable work because of illness or injury.

It can ensure that you receive a regular income until you retire or are able to return to work, with the following features:

  • it replaces part of your income;
  • it pays out until you start working again;
  • there is often a waiting period before the payments start;
  • it covers the agreed set of illnesses that leave you unable to work; and
  • you can claim as many times as you need to.

According to the Association of British Insurers (ABI 2017) one million workers a year find themselves unable to work due to serious illness or injury. Whether you have children or not, if illness means you would not be able to pay the bills then you should consider income protection insurance.

Those who are self employed or employed and do not have sick pay to fall back on should especially consider it.

Short-term income protection

Short-term income protection (sometimes known as accident, sickness and unemployment plans) also pays out monthly sums related to your income. However, it is often for only a limited time period (i.e. two to five years) often covering fewer illnesses or situations.

With income protection insurance everything depends upon getting the right policy – therefore it is best to get advice from an independent financial adviser.

For further information please contact Peter Jarvis at Myers Asset Management on 01782 557233 or email at peter@asset-manager.co.uk.


Myers Asset Management is an appointed representative of PHM Wealth Management Services LLP which is authorised and regulated by the Financial Conduct Authority.  PHM Wealth Management Services in entered in the FCA Register under number 579336 which can be found at www.register.fca.org.uk.

PHM Wealth Management and Myers Asset Management are registered in England and Wales.  Their respective registration numbers are OC372382 and 04345900.  Both have the registered office address of Charlotte House, 536 Etruria Road, Basford, Newcastle-under-Lyme, Staffordshire ST5 0SX.

Please note that the information contained within this site is subject to the UK regulatory regime and is only aimed at clients based in the UK.