Income Protection Calculator 2025/26

Income protection pays a monthly income if you can’t work due to any illness or injury — it replaces lost earnings for as long as you can’t work (up to retirement age with the best policies). Critical illness cover pays a one-off lump sum if you’re diagnosed with specific serious conditions listed in the policy. They serve different purposes: income protection is about replacing ongoing income, critical illness about covering specific large expenses (mortgage, treatment, adaptations). Many financial advisers recommend income protection as the priority, especially for the self-employed who have no employer sick pay safety net.

The deferred period is the time between becoming unable to work and when the policy starts paying. A longer deferred period means lower premiums but requires you to fund that gap yourself. A 13-week (3-month) deferred period is a common choice — it aligns with typical employer sick pay arrangements and gives time for SSP. If your employer pays 6 months full sick pay, a 26-week deferred period makes sense. Self-employed people with savings might choose 26 weeks to keep premiums low; those with minimal savings should consider a 4 or 8-week deferred period.