Income Protection Insurance

Income Protection Insurance Quote

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Income Protection Insurance

Individual Income Protection Insurance is designed to pay out whatever the reason for being unable to work. There will be a few exclusions, but less by comparison with Critical Illness Cover which only pays out if you contract one of a list of specified illnesses.

There are a few general points to bear in mind with income protection insurance :

There are all sorts of different policies with small variations that could mean the difference between being able to claim in full and getting a reduced payout, or even nothing.

Deferred periods, the time between when you stop working and when you can claim for, vary. Sometimes you get a range of choices. Typically they offer 30, 60 or 90 days. Some offer 6 months, 12 months or even 18 months.

Income Protection Insurance Policies are often confused with Accident, Sickness and Unemployment Policies

Income Protection Insurance Cover is a long term policy that provides cover for health-related work absence and not redundancy. In the event of such absence, you will receive a tax-free monthly income that will be payable until your desired retirement age. Income Protection Insurance Policies can be claimed on multiple times (even for the same illness/disability) and if you return to work at a lower salary following incapacity, you can claim a proportional amount of the policy.

Income Protection Insurance Policies are not linked to mortgage payments and the benefits are paid as tax-free general income, which can then be used for mortgage/loan payments, food, bills, etc. Income Protection Insurance Premiums are calculated based on your age, occupation, health, amount/level of cover and your selected retirement age/deferment period.

When applying for Income Protection Insurance Cover, there is a much stricter underwriting procedure to go through than with Accident, Sickness and Unemployment. This means that upon application, they will ask more personal and medical questions, they may contact your doctors prior to setting up the policy and for the larger cases may request you to attend a small medical screening. The main advantage of this is that you know that full disclosure is being made by your GP and therefore the chances of a claim being turned down are minimal. For all these reasons it may take to longer to set up an Income Protection Insurance Policy than an ASU Policy.



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