Description: Protecting your household income against unemployment, sickness and accidents. An income protection insurance policy will pay a regular monthly amount if you are unable to work.
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These are policies that are designed to provide a monthly or weekly tax-free income replacement in the event of you being signed off work for illness, sickness or injury in the short or longer term. Income protection plans have no standard exclusions, provide a benefit from the date of claim up to a maximum age of seventy and have no restrictions on the length of any one claim. The maximum cover levels are based on percentages of gross income for employees and net taxable income for self-employed persons. P
There are two main types of income protection insurance policy that will provide you with continuing income if you're unable to work due to a continuing or long-term illness or if you have sustained an accident that will cause you to be unable to work. Long-term income protection policies pay out until you reach a certain age, die or you return to work. This type of policy is usually underwritten when you apply for the policy, and not when you file a claim for benefits. You’ll know exactly what is covered f