June 19, 2024

How much does accident only income protection insurance cost?

By Bethan Harper

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If you’re concerned about how you would financially cope if you were involved in an accident that left you unable to work, accident only income protection insurance is likely something you’ve considered.  

Accident only income protection is a type of insurance designed to provide peace of mind should an injury deem you unable to work as it provides financial support by replacing a portion of your lost income.  

But how much does a policy cost? Whether you’re considering purchasing this type of insurance or simply want to understand how it works, this article is for you. 

We’ll help you to understand more about accident only income protection and break down the factors that could impact the cost of a policy.  

Read on or jump to a specific section: 

accident only income protection
Man doing physical therapy exercises using a stretch band

What is accident only income protection? 

Accident only income protection is a type of insurance that provides financial support to individuals who are unable to work due to an accident or injury.  

This type of insurance typically covers a portion of an individual’s income (usually 70%), allowing them to continue meeting their financial obligations while they recover. 

Policies may vary but typically cover accidents that occur both on and off the job, as well as a range of injuries, including broken bones, burns, and other physical harm.  

Additionally, some policies may also cover medical expenses/rehabilitation costs, as well as back-to-work benefits if your salary is negatively impacted upon your return to your job. 

See also: What is accident only income protection insurance?

What factors impact the price of a policy? 

As you probably know, the cost of any type of insurance is determined by a variety of factors, associated with you, your lifestyle, the provider you choose and the type of policy you’re buying.  

And, when it comes to accident only income protection, there are a few things that can significantly impact the price of your monthly/annual premiums.  

These factors include, but are not limited to: 

  • Your age 
  • Where you live 
  • Your job 
  • Pre-existing medical conditions 
  • Whether you smoke 
  • How often you drink alcohol 
  • High-risk activities you participate in 
  • The pricing strategy used by your provider 
  • The amount you’d like to be covered for 

For example, those who smoke or take part in high-risk activities are more likely to pay a higher premium than those who don’t. 

accident only income protection
Injured man lying in hospital bed

What can I expect to pay? 

There is no set price for accident only income protection, and, as mentioned before, several factors can influence the price. The same person can even get two completely different quotes just by going to a different provider.  

However, to give you an idea of how much a policy might cost, the average monthly cost (as reported by Unbiased, 2024), is £10. 

However, this average falls for those under 25 with a lower income, whose monthly premiums could be as little as £8.77 (Unbiased, 2024). But, as you’ve probably guessed, the older the individual, the more likely you are to have a higher premium.  

See also: Accident only income insurance: Is it worth it?

Is accident only income protection worth it? 

Everyone is different and so are their needs. That means, we can’t tell you whether accident only income protection is worth it for you.  

However, we can help you make the decision.  

If you’re unsure whether purchasing a policy is worth it, ask yourself the following questions: 

  • Can I afford the monthly premiums?  
  • Would I struggle to maintain my current lifestyle financially if I lost my income?  
  • Am I at a greater risk of having an accident? 
  • Do I qualify for cover?  

If you answered yes to all or most of those questions, it might be worth considering taking out a policy so that you don’t find yourself in a tricky financial situation. 

accident only income protection
A young woman in hospital

Where can I buy a policy? 

If you’ve decided that accident-only income protection is right for you, you’ll be pleased to know that many providers can offer you a quote online in just minutes. 

However, with the ease of finding and purchasing insurance policies improving with modern technology, it can be tempting to rush into a purchase, buying the first policy you find. But that might not always be the best way to go.  

Make sure to carefully consider your options before diving in. That way, you’ll be able to better select the right coverage for you. After all, every policy is slightly different. 


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