Income protection is a product that pays you a regular cash amount if you are unable to work as the result of an accident or sudden illness. It covers up to 70% of your income for a set period of time (e.g. six months, until the age of 65).There are two ways you can choose to insure your income: agreed value, where you decide the amount you wish to receive each month (to a maximum of 70% of your income verified at the time of application); or indemnity, where you must prove your income at the time of claim (rather than during application).
If you suffer an income loss due to sickness or injury and can no longer cover your living costs, having income protection insurance is invaluable. Income protection explained.
Having income protection means you’ll have money to help pay your debts and living expenses during your recovery from serious illness or injuries. Why get income protection?