We’ve spent decades helping people protect the things they value most – specialist vehicles, homes, businesses, travel and more.
But there’s another area of protection that’s just as important covering your income, your family and your future.
Protection insurance is designed to support you financially when life takes an unexpected turn. That might be in the unfortunate form of a serious illness like cancer, a long-term injury that stops you from working or a diagnosis that means stepping away from work for treatment and recovery. When these moments happen, they’re often unexpected and they can have a serious impact on your finances.
Having the right cover provides financial safety so you and loved ones don’t have to worry about bills, mortgage payments or keeping your business running when life gets in the way.
Why people need protection insurance
Every year, hundreds of thousands of people rely on protection insurance in the UK.
In 2024, insurers paid out £5.32 billion across life insurance, income protection and critical illness claims (up 10% from 2023) and the average payout was £18,700. These numbers show just how vital this type of cover can be when the worst happens.
Here are a few more reasons why it matters:
- Critical illness is more common than many people think. Cancer accounted for 62% of all critical illness claims in 2024. And with 1 in 2 people in the UK expected to be diagnosed with cancer in their lifetime, having cover in place can make a real difference.
- Many workers aren’t financially prepared for unforeseen time off. 8 in 10 homeowners paying a monthly mortgage do not have income protection in place, according to Royal London. Two thirds of homeowners have no protection in place for critical illness too, putting them at financial risk if unable to work through long-term illness.
- Families rely on life insurance. In 2024, 98% of life insurance claims were paid out, with the average payout reaching £80,403.
- Businesses are also at risk. 52% of UK SMEs say they would go out of business within a year if a key person became seriously ill or passed away.
It’s not just about money, it’s peace of mind too
Income protection is a policy that gives peace of mind knowing there is a replacement income with a monthly pay out to pay the bills. It helps your life run smoothly even if your income stops.
For families, that might mean time to focus on recovery or grief without financial stress. For business owners, it might be the difference for staying afloat. Yet despite the clear need, protection insurance is often overlooked.