Income Protection Cover

People insure their pets, their homes and their cars, but what if they can't work through illness or injury? One of the most neglected and yet most important parts of modern-day living, especially today, is to secure one's income.

Income Protection Cover pays you a percentage of your regular income if you can't work due to ill health or accidental injury. The benefits start after an agreed period of time called the deferred period.

The deferred period is the amount of time that must pass between your first day off work and the point at which you can start to receive benefit payments. The longer the deferred period you choose, the lower your premiums will be. So, if your employer provides sick pay for a period of time, you can delay when you want your benefit to start by selecting a longer deferred period to reduce the cost.

You're most likely to need Income Protection Cover if you're self-employed or employed and you don't have sick pay to fall back on.

For many though, this can be confusing. Everyone's protection needs are different which is why it's important to understand what the right cover is for you.

Income protection plans that have no investment link have no cash in value at any time and will cease at the end of the term. If you stop paying your premiums your cover may end.

As with all insurance policies, conditions and exclusions will apply.