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Worried about your finances if you had to take time off work due to illness or injury? Income Protection Insurance can help provide the financial stability you need until you can get back on your feet.
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Income protection is a type of insurance that can pay out if you were signed off work for an extended period due illness or injury. Policies can provide up to 60% of your annual salary and are paid in monthly instalments. Payments can be used to stay on top of your bills until you are well enough to return to work. Typical claims may include:
Income Protection Insurance can help replace some of your salary should you become unable to work due to illness or injury.
Income Protection Insurance can supplement or replace your sick pay, for a set period or until you retire or the policy finishes, helping to cover the bills while you get back on your feet. This is especially relevant for freelancers or those without sick pay.
A deferred period is the waiting time between the first day that you are unable to work and when your policy pays out. There are different lengths of time that you can choose from. Usually, the length of the deferred period can affect the price of your premiums.
You can choose cover that suits your needs, whether that's a short-term payout for a max period of 1-5 years, or long-term cover which lasts for as long as you need - until you return to work, retire, or your policy ends.
Income Protection Insurance typically pays out up to 60% off your salary and is paid in monthly instalments.
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Income Protection policies can last a few years, or run until you retire, and can flex around your needs and/or budget.
Income Protection will cover most illnesses or injuries which stop you from working or collecting your salary. You can usually claim as many times as you need to while the policy is running, which can be anywhere from 2-5 years, or up until you retire.
Income Protection will not pay out if you lose your income due to resignation, redundancy, or dismissal - it only covers illness and injury. In addition, there may be certain exclusions included in your policy due to pre-existing conditions, but this isn't always the case, and your advisor will make these clear to you.
Unlike Health Insurance, the monthly pay-out you receive from your Income Protection Insurance can be used to cover any expense, not just medical bills.
Income Protection (IP) will typically cover most illnesses or injuries which stop you from working, while Serious Illness Cover (SIC) can be more restrictive, and usually requires you to be diagnosed with, or suffering from a life-threatening illness. SIC will also pay out one single tax-free lump sum upon diagnosis, while IP will continue to pay out month-on-month for a pre-agreed term or until you are able to return to work.
