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Income Protection insurance

What is it?

When you take out Income Protection insurance, you are covered if you are incapacitated and unable to work due to illness or accident. This policy was formerly known as the Permanent Health insurance.

How much do you get if you are unable to work?

Income Protection payouts are usually based on a percentage of your earnings: 50% to 70% of your wage is what you would expect to get. Payments are tax-free.

IP policies only pay out once a pre-agreed period has passed, generally ranging from one to 12 months after you put in a claim. The longer the 'deferral' period you choose, the lower your premiums. The default deferral period tends to be 13 or 26 weeks.

Why would you need income protection?

With research provided by Unum and Personnel Today, it showed that only 12% of employers support their staff for more than a year if they are off for more than a year. With the lower amount of income from the government, income protection would give you enough of a wage to keep yourself afloat until you were able to get back to work.

What are the benefits to Income Protection insurance?

What are the restrictions?

What are the different types of cover I can get?

In addition to standard fixed-premium Income Protection insurance policies there are a number of variations available from some different offices:

What will we do?

When you contact us, we will arrange a meeting so we can establish what level of cover is best suited for you. Once we have discovered that we will go directly to the various providers to find out who can give you the best possible deal for your cover.