INCOME PROTECTION

KEEP YOUR LIFE ON TRACK WITH AN INCOME PROTECTION INSURANCE POLICY

WHAT IS INCOME PROTECTION INSURANCE?

Income protection insurance is designed to ensure you and your family’s quality of life is maintained if you are no longer able to work due to illness or injury. It will pay out a tax-free percentage of your monthly income (usually between 50% and 70%), starting at the end of your chosen deferred period. How you choose to spend the money is up to you, but it can be used to pay your monthly bills and expenses.

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Income protection Insurance

WHAT ARE THE LEVELS OF COVER ?

There are three main types of income protection cover. They are:

  • Own occupation – will pay out if you are unable to do your own occupation.
  • Suited occupation – will pay out if you are unable to do your own or other occupations which suit your experience or qualifications.
  • Any occupation – will pay out if you are unable to do any work at all.

HOW LONG WILL THE POLICY PAY OUT ?

The policy will pay out either until you are able to return to work, or until the end of the policy (whichever is sooner). The length of the policy is up to you, and will depend on your personal situation. You may wish to cover your income until retirement age, until the end of your mortgage payments or until your children are no longer dependent. Generally, the longer the policy the more expensive the income protection insurance is.

WHEN DOES IT PAY OUT ?

If you meet the criteria for a pay out, your income protection insurance will start paying out at the end of your deferred period. The deferred period is normally between 1 and 12 months, but will depend on your circumstances. If you have significant savings and can afford to support your family for a while, then you may wish to choose a longer deferred period. This is likely to bring the policy price down but you will wait longer for the pay out to begin, so make sure you choose a deferred period which is right for you.

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INCOME PROTECTION INSURANCE POLICY.