Income Protection is an insurance policy that covers your income in the event of you being unable to work due to sickness or ill health.
There are 2 types of Income Protection:
Short term: Typically this will pay out for a maximum of 12-24 months. It can cover upto around 65% of your pre tax income.
Long Term: This will pay out until you are able to return to work or the policy ends, whichever is sooner. It can cover upto around 65% of your pre tax income.
These policies are designed so you do not have to rely on benefits – and they can actually be easier to claim on that it would be to claim benefits. So it could be easier to get a payout, your also likely to receive a higher payment. Here is a link to see how little you would receive on benefits.
Please note, deferred periods may apply before any pay out.
To discuss Income Protection further, please get in touch.