Accident only income protection insurance: Is it worth it? 

Accident only income protection insurance provides financial support if you are medically certified as unable to perform your job due to an accident. For example, if you’re a manual labourer and break your leg, you’re likely to be unable to work.  

However, to qualify for coverage under this insurance policy, you must be medically verified as unable to work due to the accident. This usually comes in the form of a letter from your doctor or hospital.  

Typically, accident only income protection is used to ensure that an unexpected incident won’t come with additional financial stress. 

In this article, we’ll help you to understand what accident only income protection is, what you can expect to pay for a policy and whether it’s the right type of policy for you. 

Read on or jump to a specific section: 

• Coverage provided by accident only income protection 
• Exclusions and limitations 
• How much does accident only income protection cost? 
• Is accident only income protection worth it? 
• Where can I buy a policy? 

Coverage provided by accident only income protection 

The specifics of what your policy covers can vary from one provider to another, so there’s no way to say exactly what you’ll get.  

However, generally, these policies include cover for: 

• Up to 70% of your earnings. 

• Accidental death benefits if the death occurs within 30 days of the accident. 

• Coverage for accidents resulting from hazardous activities, provided these are specified in your policy. 

Some policies may also offer back-to-work benefits, providing financial assistance if your salary is reduced when you return to work. For example, your insurance may continue paying a portion of your salary even after you go back to your job. 

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See also: What is accident only income protection insurance?

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Exclusions and limitations 

As with most insurance policies, accident only income protection insurance policies usually come with certain exclusions and limitations.  

Common exclusions may include (but are not limited to): 

• Claims where a pre-existing condition is the primary reason for your inability to work, exacerbated by an accident. 
• Self-inflicted injuries. 
• Injuries from activities you were medically advised against. 
• Accidents related to drug or alcohol use. 
• Accidents resulting from criminal activities. 

Additionally, policies often have requirements regarding the minimum number of hours you must have worked per week before the accident and may include age restrictions. 

How much does accident only income protection cost? 

There are a few things that can affect the price of an accident only income protection policy, including your age and certain lifestyle factors (like smoking and alcohol intake or the job you do). 

Therefore, the price of a policy can differ considerably from person to person. 

And, what’s more, some providers simply have different pricing points, meaning the same person could be given two different quotes purely because every provider is different.  

But, to give you an idea of how much you could expect to pay, the overall average cost of a policy has been reported at £10 per month (Unbiased, 2024). 

However, for those under 25 with a lower income, the average cost could be as little as £8.77 and those aged 55 and up could be looking at an average of £34 per month (Unbiased, 2024). 

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See also: Accident sickness and unemployment vs. income protection cover

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Is accident only income protection worth it? 

Whether a particular insurance policy is worth it is something only you know the answer to.  

However, there are some questions you can ask yourself to help you make a well-informed decision, such as: 

• Can I afford the monthly premiums? The first question to ask yourself is whether you can afford the monthly premiums to begin with. Some people have tighter budgets than others, so an additional payment of £30 per month could be out of the question. 

• Can I afford my current lifestyle if I lose my income? Those with considerable savings or stable financial support from a family member or spouse may be able to afford their lifestyle even if they lose their salary for a considerable period. These people may not consider accident only income protection monthly premiums worth it. 

• Am I at a greater risk of having an accident? While anyone can find themselves in an unexpected situation, some people’s lifestyles put them at a greater risk of having an accident. So, if you have a higher-risk job or take part in adrenaline-fueled activities, you might want to consider accident only income protection insurance more seriously.  

• Do I qualify for cover? As we mentioned previously, there are some limitations and exceptions when it comes to this type of insurance. Meaning, not everyone will be accepted for cover and some claims may be rejected. If you (or the activities you take part in) do not meet the requirements for coverage, accident only income protection isn’t the policy for you.  

Where can I buy a policy? 

However, just because you can quickly and easily find and buy a policy, doesn’t mean you should. Ensuring you do some research and compare a variety of policies before making a purchase is essential to making the right decision for you. 

If you’ve come to the conclusion that accident only income protection is the right type of cover for you, you’ll be glad to hear there are plenty of providers operating online who can provide you with a quote in minutes. 

Be sure to ask yourself the questions we mentioned earlier in this piece and compare a handful of trusted providers to make sure you’re choosing the policy that offers the right features at the right price. 

And, if you’re not sure which policy to check out first, why not take a look at our Accident Only Income Protection policy? Cover from Save More Money provides a benefit of up to £6,000 per month, and you’ll be covered for back-to-work benefits should your salary be affected upon your return.