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