Income Protection |
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HOME UNEMPLOYMENT INSURANCE DISABILITY INSURANCE PERMANENT INCOME PROTECTION |
Income protection is insurance that can provide a regular monthly income if through accident, sickness, incapacity or disability you are unable to work and earn a living, cover against unemployment is also an option within a short term income protection plan. The two main types of insurance policy available that protect against loss of income are below, to get advice to help you decide which cover is more appropriate please contact the providers directly as we no longer provide advice. |
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Max benefits - There is a maximum amount of cover that you will be able to insure against and this will be stated within the key features document it will also explain what other benefits are taken into account when calculating this. Payments are tax free so should provide you with sufficient cover should you need to make a claim. |
Benefit term - The maximum period that claim payments will be paid. |
Deferred period - During this initial period no income protection is provided and the cause of income loss must exceed this time, short term income protection will pay a benefit from the first day of income loss subject to 30 continuous days of unemployment / incapacity. |
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The cost of permanent income protection can be high and can be arranged with guaranteed or reviewable premiums , an index linking option is available. The cost for a personal accident, sickness or unemployment policy is a set price for all . |
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Income protection policies to protect you financially if you are unable to work through accident, sickness, illness, incapacity or unemployment |