The honest answer: for most people, yes
If you depend on your income to pay rent or a mortgage, fund your family, or cover basic bills — and you couldn't sustain that for more than 3–6 months if you stopped working — income protection is almost certainly worth it.
The statistics make the case
- 1 in 8 workers in the UK will experience a period of long-term illness during their career
- The average income protection claim lasts 5+ years
- Statutory Sick Pay (SSP) is just £123.25/week — for 28 weeks only
- Mental health and musculoskeletal conditions (the two most common claim causes) can result in absences of years, not weeks
Who benefits most
- Self-employed people with no sick pay at all
- Those with mortgages or significant financial commitments
- People with dependants
- Those whose employer sick pay runs out quickly
- Anyone without significant savings to fall back on
When income protection might not be the priority
- If you have 12+ months of outgoings in savings (you can afford a longer deferred period, reducing cost)
- If your employer provides very generous sick pay (up to 6–12 months)
- If you're close to retirement with no dependants and no mortgage
Why people don't buy it — and why those reasons are flawed
"It won't happen to me" — 1 in 8 workers will suffer a long-term illness. You don't get to choose.
"I have savings" — Most people's savings last 2–4 months. The average IP claim lasts 5 years.
"The state will support me" — Universal Credit for a single person is ~£400/month. That won't cover a mortgage.
"It's too expensive" — A basic policy for a 30-year-old costs less than a Netflix subscription.
Frequently Asked Questions
Ideally both — they serve different purposes. IP pays monthly if you can't work; CIC pays a lump sum for specific diagnoses. If you can only afford one, IP is usually more versatile as it covers any reason you can't work.
Statistically, about 1 in 8 UK workers will experience a long-term illness during their career. The probability is higher than most people realise.