Income Protection

 

An income protection insurance policy can be taken out to protect against a loss of income. This allows you to provide cover in the event of not being able to work due to:

  • Unemployment
  • Accident
  • Illness

 

Unemployment protection typically pays 50-70% of your monthly gross salary and is designed to cover main financial expenses such as mortgage, rent and bills.

 

Accident and illness protection would also pay up to 70% of gross monthly income.

 

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Other Types of Cover

 

Income protection insurance policies can be tailored to cover for specific costs. For instance:

  • Bill protection
  • Loan protection
  • Mortgage protection

 

 

How Long Do I Receive Payout

 

Income protection plans normally pay out until retirement, return to work or death. They do not usually pay out in the event of redundancy.

Payout normally starts 1-12 months after a claim is made.

 

 

 

 



 

 

 

 

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