Find out if Lloyds Bank Income Protection Insurance is ideal for you.
- Monthly premiums start at £19
- Cover up to 80% of your current income
- Includes salaried people, the self-employed and company directors
- Lloyds Bank Income Protection Insurance is not available on the comparison sites
- Your income protection policy can go live immediately
- Permanent health insurance is also available
- No need for your family medical history
- If you fall ill get a pay out immediately so your regular income is not interrupted
- Immediate help if you are a victim of unfair and constructive dismissal
What would you do to be able to pay your bills if you’re unable to work?
For the majority of us, being unable to work due to medical reasons could be an enormous financial problem. What could happen to you and your family members if you could not work because of injuries or illness that caused a loss of income? What could you do to cover unpaid bills such as a mortgage, rent or other expenses of living?
Do you need an income protection insurance policy?
Income protection insurance will give you the peace of mind that you have earned. Loss of income can be a major financial strain on any family’s daily life and the insurance for income protection is specifically designed to meet the requirements of those who wish to safeguard themselves against this through the payment of the same amount every month.
Two ways to safeguard your money
Select from two kinds of income protection insurance to safeguard you in the event that an injury or illness means you’re unable to work.
Insurance for injuries and illnesses – should I buy income protection insurance?
Simple insurance that provides the benefit of a month-long benefit for those who are forced to leave work due to injuries or illness. The benefit payable following a four weeks waiting period, and payable monthly in arrears. The cost of premiums starts at just £6 per month based on the coverage you require.
Request a quick online quote now without having to speak to a financial advisor.
Income Protection Benefit with low income protection payments
A comprehensive insurance plan that provides monthly benefits if you are unable to work due to injuries or illness. You can choose between waiting times, benefits with a limited periods, and an increased plan to safeguard the monthly benefits from inflation
Income Protection Benefit is available for purchase through our expert team of financial advisors.
Injuries and illness insurance
Our Illness and Injuries Insurance is available to purchase through us directly. If you feel this easy coverage option will meet your requirements, then you can request an estimate without having to speak with a Financial Advisor.
If you require advice or a more extensive variety of policies Our Protection Benefit for Income Protection Benefit is available through our expert team of financial advisors.
Contact us today for an estimate and get a successful claim with sickness cover, without relying on government benefits if your own job goes wrong.
It takes the average UK earning person fourteen years of their annual gross income*. We can’t depend on savings in the event that we find ourselves unemployed.
What you’ll receive with Income Protection Insurance
The monthly benefit for regular monthly payments in the event that you are unable to perform your job due to an incapacity triggered due to illness or injury that result in loss of income
Guaranteed premiums, unless you change the plan or select our Increasing Income Protection Benefit plan including income protection insurance for self-employed
Support for our return back Rehabilitation Support Service
Flexibility to change things, for example, the benefit amount (eligibility conditions apply)
How do our income protection plans are compared
Insurance for injuries and illnesses
Simple cover that can work even if you aren’t.
Pays out following an interval of waiting for 4 weeks. The pay outs are made monthly and in arrears
It covers up to 60 per cent of your income and is capped at £2,000 per month
A maximum of 12 monthly payments for valid claims. You are able to submit multiple claims within the period of coverage.
The coverage is valid until your 60th birthday, however, you can cancel at any time at no cost
Payouts are tax-free however, they could impact the eligibility for state benefits
This policy doesn’t include unemployment insurance so it won’t be paid out in the event that you become unemployed. This policy is not an investment or savings plan. It does not have any cash value in the event that a valid claim is filed.
Get a quote
It is possible to get help without any cost If you’re clear about the requirements for your insurance.
You decide on the monthly benefit amount, and you could take into consideration:
If you’re eligible for an extensive sick pay plan at work, and what it could cost you.
How much savings could be if you didn’t work? If you had to draw on savings, will it affect your future plans?
Please take a look at the Illness and Injuries Policy Booklet and the Insurance Policy Booklet 05.21.pdf and Illness and Injury Insurance Policy Summary 05.21.pdf
Income Protection Benefit and employee benefits package with a tollerance for pre existing health conditions
Flexible income protection helps to cover any loss of earnings.
Pays out upon the waiting period of 4 eight, 13 or 26 weeks. It’s dependent on you. Payouts are each month in arrears
Up to 60 per cent of your annual gross income that is up to £60,000 per year. Then, 50 per cent of your annual gross income that exceeds £60,000 per year.
The protection lasts until you reach your retirement age, however, you are free to end your membership at any time and without cost
You’ll be able to benefit from the monthly payment until you are able to return to work or until your policy expires.
Payouts are tax-free however they can affect the eligibility for state benefits
The policy does not provide unemployment insurance so it won’t pay you if you are unemployed. This policy is not an investment or savings plan. It does not have any cash value until a valid claim has been filed.
Ask for advice
Our experienced advisers offer Income Protection benefits. They are able to:
Get help if you’re not sure about the security you require.
Consider recommending protections that meet your specific needs.
Help you complete your application.
Financial resilience from a trusted insurance provider like Lloyds Bank
A typical household lives 24 days away from the breadline which is far less than 90. think it takes. *Legal & General research
Nearly half of households think that losing their earnings is one of their greatest concerns if they’re unable to work.
The average household has less than £3000 in savings
An average family has £2,729 of saved funds… however, the minimum amount required to feel financially secure is around 12 207.
2 out of five households have less than £1000 in savings
2 out of 5 households are not saving more than $1000 of savings. One in five has no savings at all.
Health and Injury Insurance FAQs
Who do Illness and Injuries Insurance for?
Our policy is applicable to employed and self-employed people who is employed for 16 or more each week for at least 16 hours. The policy is available for those between the ages of 18 and 55 and reside anywhere in the UK. It will pay as much as 60% of earnings when you need to leave for four weeks or more due to an injury or illness.
This insurance is available to those who do not receive full sick pay through their company.
The monthly pay you receive will pay the mortgage or rent utility bills and other living expenses for your family as well as you.
What exactly does Illness and Injury Insurance cover?
There isn’t a specific number of injuries or illnesses which are covered. Our team will review your claim on the basis of your ability to work due to of your impairment.
What is the maximum amount I can receive?
Your income is protected in the event of an accident or fall ill and requires continuous time off from work for 4 weeks or longer. The maximum amount you can get is determined by 60% of your gross income and is set at £2,000 per month. It is the amount you can receive for an annual income of £40,000. If you earn more than that, your monthly payment will be limited to £2,000.
Can I get cover if I’m unemployed?
The Illness and Injuries Insurance does not provide unemployment insurance so it can’t pay out if you are laid off. If you are unemployed while you are covered by the policy, you may still be eligible for benefits should you become sick or injured as that you’ve continued to pay the premium even after you’ve been laid off.
You aren’t able to be unemployed when applying for insurance. You have to be employed for at least 16 days per week.
What do I need to do to make a claim?
Contact our claims department when you are aware you’ll be off work for four days or more but no more than two weeks after being absent from work. The team will be able to discuss the nature of your injury or illness and provide you with an insurance claim form so that you can complete your medical details and provide us with information about the injury or illness. We’ll also need your financial information as well as specifics about your work.
The claim will be evaluated and your monthly payments will commence once the claim has been approved.
We could recommend your case to the Rehabilitation Support Service to help you recover if necessary.
What is the minimum time I must to pay the cost of the insurance prior to making claims?
You must have at the very least one monthly payment in order to claim. It is still possible making your payments over the waiting period of four weeks while we evaluate your claim. After your claim is accepted, you will not need to pay the monthly fee. After the claim has come to an end, whether after getting 12 consecutive months’ pay or when you return to work – whatever is earlier – you are able to begin paying your monthly premium in order to keep your insurance.
Do I have to be off from work before I get my pay?
You’ll need to be absent from work for a minimum of four weeks prior to receiving your pay. This is called the waiting period and it’s fixed. Your payment will be made each month in arrears.
Are there any changes I can make to my policy, or raise my monthly payment?
To alter your policy, simply contact us and we’ll inform you whether the change is feasible and what your new rate will be.
You are able to increase your monthly payments anytime without having to provide any additional medical information if the area “Changing Your Policy” is in your policy book.
Income Protection Benefit FAQs – do you need income protection insurance?
Who are the beneficiaries of the Income Protection Benefit intended for?
The policy is designed for those who require a comprehensive insurance plan with a variety of options that will help you ensure that they are not losing income, should they be you are unable to work because of incapacities due to injury or illness while it is covered by the policy.
Can I get cover if I’m unemployed?
You aren’t able to be unemployed while you take out the policy. You must perform 16 or more days per week.
In the event of an income loss, Income Protection Benefit is not unemployment coverage, therefore it won’t be paid out in the event of being in a position of unemployment. If you lose your job while you are covered by the policy, you may still be eligible for the benefit in the event that you fall ill or injured as long as you continue to pay for the insurance even after you’ve been laid off.
How much can I expect to get?
Your income is protected in the event of an accident or fall ill and have to take an absence from work for four weeks or longer. The maximum amount you could be awarded is determined on the basis of 60% of your income that is up to £60,000 per year. Then, 50 per cent of your annual gross earnings is over £360,000 per year.
What do I need to do to make a claim so my monthly outgoings are sorted?
Call our claims department when you are aware that you’ll be absent from work for four months or longer, dependent on the waiting time you choose at least 2 weeks after being away from work, so that the waiting period isn’t considered to have begun after.
Our team will be able to discuss your injuries or illness and we’ll send you an insurance claim form so that you can complete your medical details and provide us information about the injury or illness.
We’ll also ask for your financial information as well as information about your job. Your claim will be analyzed and the monthly payment will begin when the claim is approved.
We could send the claimant to our Rehabilitation Support Service to help you recover if necessary.
Lloyds Bank Income Protection Insurance – a smooth income protection claim process with fixed monthly premiums.
Some of the best income protection insurance offers include Lloyds Income Protection Insurance
Lloyds Bank Income Protection Insurance
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
Please note that due to FSCS and FOS eligibility criteria, not all Mayfair Private Banking non-personal customers will be covered.
PhoneBank® is a registered trademark of Lloyds Bank plc.
Compare income protection insurance
Many of the most appealing income protection policy products include TSB critical illness insurance policies, Barclays Bank income protection peace of mind insurance, Post Office income protection reviewable policies, L&G income protection insurance policies and Nationwide Building Society income protection with short waiting periods.
How much is income protection insurance
Popular waiting delays of Lloyds unemployment cover policies, HSBC unemployment policies, Natwest income protection insurance policies, L&G accident and sickness insurance products, Bank of Scotland income protection insurance that covers mental health and Nationwide BS medical history independent income protection products are 30 days, 31 days and 40 days.
Income protection insurance cover
Tough to insure of LVE statutory sick pay products, More to Life insurance if you have an accident or illness, One Family mortgage payment protection insurance, Yorkshire Building Society accident and sickness insurance products, Royal London deferred period income protection policies and SunLife short term income protection policies are 30 days, 30 days and 65 days.
Income protection insurance unemployment
Tough to cover of Virgin Money to cover loss of income, Zurich living costs insurance cover products, Churchill income protection peace of mind insurance, Principality Building Society continue to pay your mortgage if you lose your job insurance, Nottingham Building Society age-related policies and National Counties Building Society involuntary redundancy cover products are 40%, 55% and 70%.
Best income protection insurance
Difficult to cover job types can include Engineering technicians, Dancers and choreographers, Firefighters in Wales, Information technology and telecommunications professionals and Therapy professionals not elsewhere classified.
Income protection insurance redundancy
Hard-to-cover occupation types can include Web developers, Makeup artists and businesswomen, Audio engineers, Head of digital and short-form engineers and Alpine ski racers.
Income protection insurance UK cost
Tough-to-cover job variants can include Lifeguards, Accident and emergency doctors, Tool makers, tool fitters and markers-out, Graphic designers on Harry Potter and Camera assistants.
Income protection insurance comparison – self employed included
Tough to cover occupation types can include Pilot: air ambulance, Drama facilitators, Recruitment consultant, Radio producers and Freelance filmmakers. Also, some key person insurance can be hard to get.
Illness and injury insurance
Many of the most appealing income protection cover products are TSB critical illness insurance policies, HSBC mortgage payment protection insurance, Halifax essential outgoings protection products, Legal & General permanent health insurance and Nationwide Building Society short or long term income protection insurance.
Accident sickness and unemployment
Some of the most common deferred periods of Lloyds age-related income cover, Barclays Bank critical illness cover policies, Natwest unemployment cover policies, L&G income protection peace of mind insurance, Bank of Scotland savings cover products and Nationwide Building Society income protection if you are ill or injured are 25 days, 14 days and 60 days.
Sickness and unemployment insurance
Challenging to insure of Liverpool Victoria high earners regular payments income protection policies, More2Life nurses accident and sickness insurance products, OneFamily income protection with short waiting periods, Yorkshire Building Society medical history independent income protection products, Royal London medical history independent income protection products and Axa income protection are 20 days, 21 days and 45 days. Short-term income protection insurance is also available for electricians, truck drivers and small business owners.
Tough to insure of Aviva income protection insurance that covers mental health, Shepherds Friendly deferred period income protection policies, Churchill clear policy details income protection insurance, Principality Building Society accident sickness and unemployment policies, Nottingham Building Society permanent health insurance and National Counties Building Society income protection guaranteed policies are 45%, 60% and 65%.
Hard-to-cover job variants include Senior system engineer, Vlogger: illustrator, Marketing and communications intern, Uber drivers and Electricians and electrical fitters.
Difficult to cover occupation types include Raphael’s story, Water and sewerage plant operatives, Florists, Educational support officers and Festival PR directors.
Challenging cover occupation types include Air ambulance pilots, Finance and investment analysts and advisers, Festival build managers, Journalists, newspaper and periodical editors and Human resource managers and directors.
Tough to insure occupation variants can include Sports psychologists, Digital engagement apprentices, Collections officers, Ambulance dispatchers and School administrators.