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Income Protection Insurance Calculator Uk

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Income Protection Insurance Calculator Uk

Free income protection calculator to determine how much cover you need in 2026. Calculate your monthly financial commitments to discover whether 70% of your income is sufficient for your needs. Our calculator helps you estimate the right level of cover based on your mortgage/rent, bills, childcare, and other expenses. Then compare instant no-obligation quotes from all UK insurers from just 20p-a-day through LifePro's whole of market service.

By: Phil Jeynes Protection Industry Expert Updated: 1st January 2026

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How much income protection do I need?

How muchincome protection insuranceyou need will depend on your personal circumstances.

When taking out income protection, it’s more a case of ‘ how much cover can I purchase? ’ This is because the level of cover you can secure will be based on your earnings.

Up to 70% of your income could be paid out in monthly, tax-free payments to mimic your monthly pay cheque.

However, it’s important to ensure that this amount is sufficient to cover all that you need it to.

To do this, it's advisable to be aware of your monthly financial commitments and whether you have any other sources of income available to you.

Income protection insurance can assist you to cover:

How much income protection insurance do you need?

The amount of income protection insurance you need depends on your individual circumstances and financial commitments. Most experts recommend covering 50-70% of your gross annual income, as this typically provides enough to maintain your standard of living if you're unable to work due to illness or injury.

When calculating how much cover you need, consider:

  • Your monthly mortgage or rent payments
  • Household bills and utilities
  • Childcare costs
  • Loan repayments and credit card bills
  • Daily living expenses for your family
  • Any savings you have that could cover short-term absences

Remember that income protection payments are tax-free, so you may not need to replace your full salary. The key is ensuring you can maintain your essential outgoings and standard of living during a period when you're unable to work.

To get an accurate quote tailored to your needs, use our free comparison service to compare quotes from 50+ UK providers, including Income Protection Insurance Calculator Uk.

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Why LifePro for income protection insurance?

  • Whole-of-market comparison from 50+ UK insurers
  • Expert advice from FCA-regulated advisors
  • No extra cost - insurers pay our commission
  • Fast quotes in 60 seconds
  • Support throughout your policy lifetime

How is the cost of income protection calculated?

The price you cover income protection insurance will be based on the level of risk you pose to the provider.

Providers will assess your level of risk using key information that you’ll need to give during the application process.

This information can be broken down into two categories:

1. Personal factors »

2. Policy factors »

Keep reading as we break down these factors…

Personal factors

Personal factors are factors that are unique to you and will depend on your individual circumstances.

Personal factors can include:

Policy factors

As well as the personal factors mentioned above, there are certain policy factors that providers will consider when calculating the cost of your income protection policy.

These factors include:

What’s the average cost of income protection insurance?

Income protection through LifePro Advice starts from just £5-a-month.

However, the price you cover income protection will vary between person to person.

This is because insurers will take key information (detailed above) into consideration to calculate your monthly premium.

Compare income protection quotes

Not only can quotes vary significantly due to your personal circumstances, they also vary between providers due to the different underwriting processes used.

For this reason, it’s essential to compare prices to discover the best available deal.

What’s more, letting a broker (like LifePro) assist you do this allows you to compare prices from all the UK’s best income protection providers (as well as smaller specialists).

So why not let LifePro assist you secure a policy that meets all your needs?

Quotes are no-obligation, fee-free and start from just 20p-a-day.

Simply contact us with a friendly member of the team today.

Frequently Asked Questions

How do I calculate how much income protection I need?

Calculate your income protection needs using this method: 1. List monthly essential expenses: Mortgage/rent payment (average £723/month mortgage, £700/month rent). Bills & utilities (average £340/month). Food shopping (average £388/month). Loan/credit card payments. Childcare costs (£550+/month for nursery). Transportation (average £94/month). Total essential monthly expenses. 2. Check other income sources: Employer sick pay (how long? full pay vs half pay?). Savings (how long would they last?). Partner's income (if applicable). 3. Calculate gap: Total expenses minus other income sources = income protection needed. Maximum you can buy: Most insurers limit cover to 50-70% of gross income (typically capped at £2,000-£3,000/month). Use LifePro's calculator above to instantly estimate your needs based on your expenses.

What factors affect income protection cost calculations?

Income protection premiums are calculated using: Personal Factors: Age - Younger = cheaper (35-year-old pays less than 55-year-old). Smoking - Adds 30-50% to premiums. Health - Pre-existing conditions = higher premiums or exclusions. Occupation - Office worker (low risk) vs builder (high risk). Income - Higher income = higher premiums. Policy Factors: Benefit amount - Higher monthly payout = higher premium. Deferred period - Longer wait (26 weeks) = 30-40% cheaper than short wait (4 weeks). Benefit period - To age 65 costs more than 2-year benefit period. Definition - Own occupation (expensive) vs any occupation (cheaper). Indexation - Inflation protection adds 10-15% to premiums. Example: 35-year-old office worker, non-smoker, £2,000/month cover, 13-week deferred period, to age 65 = £25-£30/month.

What is the 70% rule for income protection?

The 70% rule means income protection typically pays out a maximum of 70% of your gross salary. Why not 100%? To incentivize returning to work - if you received 100% of salary, there's less motivation to recover and return. Tax efficiency - Payouts are tax-free, so 70% of gross income often equals 85-90% of your take-home pay. Anti-fraud measure - Prevents people from claiming when able to work. How it works: Gross salary: £40,000/year (£3,333/month). Maximum benefit: 70% = £2,333/month tax-free. Your take-home if working: ~£2,600/month after tax. Benefit replaces ~90% of take-home pay. Some insurers allow up to 80% for high earners, or 50-60% for lower risk. Can I insure the full 70%? Yes, but you must ensure it covers your essential expenses (use calculator to check).

How accurate are income protection calculators?

Income protection calculators (like LifePro's above) provide good estimates but not exact quotes. What calculators do well: Estimate monthly benefit needed based on your expenses. Show whether 70% of income is sufficient for your lifestyle. Help you understand gaps between sick pay and expenses. Provide ballpark premium costs. What calculators can't do: Give exact premium - requires full underwriting (health questions, occupation details). Account for complex health conditions or loadings. Show specific insurer pricing variations. Include policy-specific features (rehabilitation support, etc.). For accurate quotes you need: Full medical underwriting, Detailed occupation assessment, Smoking/lifestyle questions, Specific deferred period and benefit period choices. Use LifePro's calculator as a starting point, then speak to adviser for precise quotes from all UK insurers.

Should I include my partner's income in the calculation?

Whether to include your partner's income depends on your circumstances: Include partner's income if: You can genuinely afford expenses on their income alone. They have stable employment (not at risk of redundancy). You're comfortable relying on them financially. Your partner also has income protection (both covered). Don't rely on partner's income if: They're self-employed with variable income. They work part-time or zero-hours contract. You have joint financial commitments (mortgage) that need both incomes. Your partner could lose job if caring for you during your illness. You want financial independence if relationship changes. Best approach: Calculate INDIVIDUAL needs - assume you're covering expenses alone. This provides stronger protection. If partner's income is reliable, you might choose slightly lower cover (60% instead of 70% of your income). Always protect both partners - if either can't work, household income drops significantly.

How often should I recalculate my income protection needs?

Recalculate your income protection needs when major life changes occur: Major life events requiring recalculation: Salary increase/decrease - Cover should track income (most policies offer guarantee insurability to increase cover without medical underwriting). Mortgage increase - Remortgage or house move increases monthly commitments. Having children - Childcare costs (£550+/month) significantly increase needs. Promotion or job change - Different occupation risk rating affects premiums and needs. Health changes - New medical conditions may limit ability to increase cover later. Partner stops working - Household expenses now rely on single income. Minimum recalculation frequency: Every 2-3 years - Check cover still adequate. At policy renewal (if reviewable premiums) - Reassess whether cover fits budget. Red flag signs you need more cover: Struggling to pay bills if off work for 1-2 months. Increased debt or financial commitments since taking out policy. Feeling anxious about money if you couldn't work. Good news: Most policies have indexation option (cover increases with inflation automatically) but you should still manually review every few years.

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