How Much Income Protection Do You Need?
By WeCovr
Protect your lifestyle with our income protection calculator
Your ability to earn an income is your most valuable asset. If you were unable to work due to illness or injury, how would you pay the bills? For many, Statutory Sick Pay (which stands at just £116.75 a week as of August 2025) is simply not enough to cover essential outgoings like a mortgage, rent, and utility bills.
Income protection insurance is designed to prevent this. It pays you a regular, tax-free monthly sum if you can't work, helping you maintain your financial stability and focus on your recovery without money worries.
But how much cover can you get? Insurers typically allow you to protect between 50% and 70% of your gross (pre-tax) income. Our calculator below will help you estimate the maximum monthly benefit you could insure.
Income Protection Calculator
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Now that you have an estimate, it's important to consider the "deferment period". This is the amount of time you agree to wait after you stop working before the policy starts paying out. A longer deferment period, such as 3 or 6 months, can significantly lower your monthly premiums. You can align this with any sick pay you receive from your employer.
You should also be aware of the different policy definitions. An "own occupation" policy is often the most comprehensive as it pays out if you are unable to do your specific job. Other definitions like "suited occupation" or "any occupation" are stricter and may be cheaper.
Our expert advisers can walk you through these options to find the most suitable and affordable policy for your circumstances. Book a free, no-obligation consultation to get a personalised assessment and compare quotes from leading UK insurers.
Income protection calculator guide for UK workers
WeCovr's income protection calculator helps UK workers estimate monthly cover, using indicative information prepared by WeCovr, an FCA-authorised insurance broking firm with over 900,000 policies issued across multiple classes of insurance. WeCovr also supports private medical insurance UK planning, while this guide focuses on income protection basics.
What this income protection calculator estimates
The calculator estimates a monthly benefit based on income and essential expenses.
It is a planning tool and does not reflect every insurer's limits or underwriting rules.
Estimates cover for loss of earnings.
Highlights potential shortfall against expenses.
Supports budgeting for protection premiums.
Deferred periods and claim length
Longer deferred periods can reduce premiums, but ensure you have savings or sick pay to cover the gap.
Why WeCovr supports working families
WeCovr is an FCA-authorised insurance broking firm and has high customer satisfaction ratings. We also offer complimentary access to the CalorieHero AI calorie tracking app and discounts when customers take PMI or Life insurance. If you are comparing private medical insurance UK options, we can help you access private health cover with a trusted PMI broker.
Data sources and guidance references
This guide references general protection planning concepts and UK income statistics for context only.
Key income protection choices
| Choice | Typical range | Impact | Best for |
|---|---|---|---|
| Deferred period | 4-52 weeks | Premium level | Match employer sick pay |
| Benefit level | 50-70% | Monthly payout | Protect core expenses |
| Claim length | 2-5 years or to retirement | Long-term security | Longer protection |
Related WeCovr resources
FAQs
How much income can I insure?
Most insurers cover a percentage of your gross income. The calculator gives a planning estimate.
Is income protection the same as critical illness cover?
No. Income protection pays a monthly benefit, while critical illness pays a lump sum.
Do I need a waiting period?
Yes. Policies include a deferred period before payments start.
Is this financial advice?
No. It is a guide only and you should seek expert guidance for recommendations.
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