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INCOME PROTECTION

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What is income protection?

With an Income Protection plan, you’ll receive monthly payments should you become unable to work due to severe illness or injury. Whilst anyone can consider Income Protection a valuable policy, they are particularly helpful for people who are self-employed or otherwise unable to rely on full-time sick pay. Monthly payments will become available to you after a deferred period and can be accessed multiple times throughout your policy term. In the event of terminal illness any set deferred period on your Income Protection Plan may be waived.

Income Protection payments will continue until the policy holder either:

  • Recovers and returns to work.
  • The cover payment period ends.
  • Cover reaches the end of its term.
  • The individual covered no longer meets their policies definition of incapacitated.
  • The policy holder passes away.

Income Protection policies are very flexible and policy holders can choose the length of their payment periods (e.g. 1 or 2 years), and deferred periods.

Insurance providers will not pay out claims for injuries that are intentionally self-inflicted. It is important to note, when considering Income Protection cover, that you may have difficulty obtaining cover if you have a pre-existing condition or diagnosis. If you do have pre-existing health issues, it is important that you are completely honest during your application for Income Protection. In this case, you must be aware of any exclusions added to your policy. Insurance providers will not pay any Income Protection claims which do not fulfil the definition of incapacitation set out in your plan details.

What is income protection?

With an Income Protection plan, you’ll receive monthly payments should you become unable to work due to severe illness or injury. Whilst anyone can consider Income Protection a valuable policy, they are particularly helpful for people who are self-employed or otherwise unable to rely on full-time sick pay. Monthly payments will become available to you after a deferred period and can be accessed multiple times throughout your policy term. In the event of terminal illness any set deferred period on your Income Protection Plan may be waived.

Income Protection payments will continue until the policy holder either:

  • Recovers and returns to work.
  • The cover payment period ends.
  • Cover reaches the end of its term.
  • The individual covered no longer meets their policies definition of incapacitated.
  • The policy holder passes away.

Income Protection policies are very flexible and policy holders can choose the length of their payment periods (e.g. 1 or 2 years), and deferred periods.

Insurance providers will not pay out claims for injuries that are intentionally self-inflicted. It is important to note, when considering Income Protection cover, that you may have difficulty obtaining cover if you have a pre-existing condition or diagnosis. If you do have pre-existing health issues, it is important that you are completely honest during your application for Income Protection. In this case, you must be aware of any exclusions added to your policy. Insurance providers will not pay any Income Protection claims which do not fulfil the definition of incapacitation set out in your plan details.

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