How Long Does Income Protection Last?
Income protection policies typically last until retirement age (60-70), though you can choose shorter fixed terms. Long-term policies pay out until you recover or retire. Short-term policies pay for 1-2 years per claim. The average claim lasts 5.5 years, making long-term cover the better choice for most people.
Key Duration Facts
Policy term
Choose cover until retirement age (60-70) or a fixed term
Claim duration
Long-term pays until recovery; short-term pays 1-2 years max
Multiple claims
Can claim repeatedly throughout the policy lifetime
Average claim
The average income protection claim lasts 5.5 years
Frequently Asked Questions
How long does a policy last?
You choose the policy term when you apply - typically until retirement age (60-70). Some policies run for a fixed term (e.g., 10 or 20 years). Premiums continue throughout unless you claim.
How long will it pay out if I claim?
Long-term policies pay until you recover, return to work, or reach the policy end date. Short-term policies typically pay for 1-2 years maximum per claim. Most people choose long-term for better protection.
Can I make multiple claims?
Yes. Unlike critical illness insurance which pays once, income protection allows multiple claims throughout the policy. Each new illness or injury can trigger a fresh claim.
What's the difference between short and long-term?
Short-term is cheaper but only pays 1-2 years per claim. Long-term pays until recovery or retirement. For serious illness, long-term provides much better protection.
Related Questions
This page provides general information only and does not constitute personal financial advice. Income protection insurance products and their terms vary between providers. Always read the policy documentation carefully before purchasing. Your Home Finance is authorised and regulated by the Financial Conduct Authority.