Income Protection Insurance Costs

Understand the Cost of Protecting Your Income

Income protection tailored to you, with clear pricing, no surprises, and cover designed around your needs.


 

How much does Income Protection Insurance cost?

Income protection insurance costs vary, depending on your age, job, and level of cover.

 

At Wiltshire Friendly, we help you find the right balance between affordability and protection, so you only pay for the cover you truly need.

 

We paid 99.25% of all claims in 2024; proof that affordable cover can also be reliable.


 

What affects the cost of Income Protection Insurance?

The cost of income protection depends on several key factors. Understanding them helps you make confident, informed choices.

Your Age

Premiums are generally lower if you apply younger.

Your Job

Office-based or lower-risk roles cost less than manual or hazardous work.

Health & Lifestyle

Smoking, medical conditions, or higher BMI can increase cost.

Cover Amount

The more of your income you protect, the higher the premium.

Deferred (Waiting) Period

Longer waiting periods, before payments start, reduce the cost.

   

 

How to keep your Income Protection costs low

There are several ways you can help reduce the cost of your income protection insurance without compromising on cover: 

  1. Apply early

    The younger you are when you take out cover, the lower your premium will initially be. Premiums rise with age, so arranging protection sooner means less cost at outset. Our premiums increase as you get older, though that should be at a time when your earnings have started to increase (as well as your age!).
  2. Choose a longer waiting period

    The “deferred” or waiting period is how long you wait before payments start if you can’t work. If you can rely on savings or employer sick pay for a few weeks or months, choosing a longer waiting period will reduce your monthly cost.
  3. Only insure the income you need

    You don’t always need to replace 100% of your income. In fact, as you can’t be better off ill than when working, there will be a restriction on how much of your earnings you can cover. Our plans allow you to insure up to 65% of your earnings. It’s important to know that, when you receive your insurance payments, they are not subject to tax (under current HMRC rules). You should think about how much to cover, maybe enough to cover essentials like rent or mortgage, bills, and everyday expenses. Insuring a realistic level keeps premiums lower.
  4. Maintain a healthy lifestyle

    Good health can reduce your premium. Non-smokers and people with a healthy BMI typically pay less, and improving your lifestyle before applying can make a noticeable difference.
  5. Review your existing cover

    Check what income protection (if any) you already have through your employer or other insurers. Avoiding overlapping policies ensures you’re not paying twice for the same protection.
  6. Take advice from a financial adviser

    A financial adviser will look at the market, see what plans are available from the insurers and then recommend one that suits your needs. Your budget will be key to their advice. You may need to pay your adviser a fee for their advice, or there may be commission paid by the insurance company to the adviser, both will be disclosed to you if they apply.
   

 

Are there hidden costs involved in Income Protection Insurance?

No. With Wiltshire Friendly, what you see is what you pay. We’re transparent about every part of your policy.


 

Is Income Protection worth the cost?

Think about it this way: If your income stopped tomorrow, could you still pay your bills?

For many people, income protection offers peace of mind for a reasonable amount per week. It can be the difference between financial stability and financial stress.

 

  • Protects up to 65% of your income if you can’t work due to illness or injury.
  • Ensures your mortgage, rent and bills stay covered.
  • Offers long-term reassurance.
 

 

Why choose Wiltshire Friendly?

Established in 1887

Trusted, mutual, member-owned society.

99.25% of claims paid (2024)

Nearly all claims made are paid

Specialists in income protection

It’s the only insurance we do.

Personal service

Direct contact, no call-centre run-around.

Flexible cover options

Tailored for individuals, self-employed, or groups.

     

 

Find out how much your Income Protection could cost today.

Get in touch with our friendly team to explore income protection insurance products that meet your unique requirements.


 


FAQs about Income Protection Costs

 

How much does income protection insurance cost?

The cost varies depending on your age, occupation, health, income, waiting period, and benefit term. Premiums will be higher for older applicants or higher levels of cover. Wiltshire Friendly offers quotes tailored to your circumstances.

What factors affect the cost of income protection insurance?

Key factors include age, job risk, health and lifestyle, amount of cover, deferred (waiting) period, and benefit term. Each of these can impact your monthly premium.

Is income protection insurance worth the cost?

You decide. It provides financial security if you can’t work due to illness or injury, helping cover essential bills and protect your lifestyle. Even a modest premium can safeguard months or years of lost income!

Are there any hidden costs?

Wiltshire Friendly premiums reflect your choices and policy features, all costs are pointed out to you when you take out the plan. Always check the policy wording before purchasing, and speak to a financial adviser to get their advice.

How can I reduce the cost of my income protection insurance?

Insure only what you need, maintain a healthy lifestyle and avoid overlapping cover with existing policies.

How much of my income can I protect?

Our individual plans allow you to protect up to 65% of your income.

Does my job type affect my premium?

Yes. Jobs with higher physical or occupational risk typically attract higher premiums, while office-based or lower-risk roles usually cost less.

How does the waiting period affect cost?

The deferred (waiting) period is the time before payments start if you can’t work. Longer waiting periods reduce your premium, while shorter periods increase it.

Can my premiums increase over time?

Wiltshire Friendly’s premiums increase with age, which is pointed out to you when you take out the plan. You will get reminders as the premiums increase as you get older.

How do I get a quote for income protection insurance?

You can speak to one of the Wiltshire Friendly team to get help finding a financial adviser. We only provide products, you need a financial adviser to help you tailor the plan to your needs.