Income protection is designed to pay a monthly cash sum if you are unable to work due to sickness or an accident. For example, this may be due to an accident, bad back or sicknesses such as flu or viruses. Income protection also protects against more serious illnesses like cancer and heart attacks.
The amount paid per month depends on the provider. This is normally calculated as a percentage of your gross earned income. However, you can choose the amount you require up to this limit. In addition you can also select a benefit period which can be either long term (Pays out for up to 5 years or retirement) or short term (Pays out for 1 or 2 years).
Some clients choose a deferred period to suit their needs (A deferred period is the period after a claim is made before you will start to receive benefit). This is normally when people have savings, or receive sick pay from your employer. We can adjust the deferred period to suit your needs. For example 1 day, 1 week, 4 weeks, 8 weeks, 3 months, 6 months or 12 months depending on the provider.