Income protection calculator
If illness or injury stopped you working, what would come in each month, and would it cover your outgoings? Compare income protection with living on Statutory Sick Pay.
How this is calculated
The monthly benefit is your gross salary multiplied by the policy maximum, divided by twelve.
That is compared with your essential monthly outgoings to show any shortfall.
For comparison, Statutory Sick Pay is shown as a monthly figure: the weekly rate times 52, divided by 12.
Rates used · 2026/27
| Statutory Sick Pay | £123.25 a week |
| Statutory Sick Pay lasts | up to 28 weeks |
| Waiting periods | commonly 4, 13, 26 or 52 weeks |
| Benefit from a personal policy | normally tax free |
Last checked July 2026. Source: HMRC and gov.uk.
Worked example
On a £40,000 salary, a policy paying up to 60% gives £2,000 a month, enough for £1,800 of essential outgoings. On Statutory Sick Pay alone, about £534 a month, the same household would be £1,266 a month short.
Common questions
What is income protection?
Insurance that pays a monthly income if you cannot work because of illness or injury, until you recover, retire or the policy term ends.
How is it different from critical illness cover?
Critical illness pays a lump sum on diagnosis of a listed condition. Income protection pays a monthly income for any illness or injury that stops you working, after a waiting period.
What waiting period should I choose?
One that starts when your sick pay or savings run out. A longer wait makes the premium cheaper.
I am self-employed. Do I need it?
The self-employed get no Statutory Sick Pay, so income protection is often the only income if you cannot work.