Income Protection Information
To demonstrate the importance of having income protection insurance, if you think of your earnings as a pillar upon which everything else (that costs money) in your life rests, and then imagine that pillar being taken away - would it not be a good idea to insure the 'pillar'. That is income protection.
The quality of cover offered by different insurers varies enormously, and we take great care, through careful research, to ensure that your cover has the best income protection definition.
There is often confusion about the difference between critical illness cover and income protection.
Unlike mortgage payment protection insurance, income protection can pay you until your retirement.
Most importantly, it can pay out even if you are only temporarily unable to work.
You can choose to have your cover indexed and in the event of a claim, the benefits are tax-free.
The cost of income protection can actually be kept low through careful choice of the deferred period.
Premiums for an income protection plan may be either reviewable or guaranteed.
Finally, once your policy has started, there may be a requirement to notify your insurer of any occupational changes.
