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Income Protection

What is Income Protection?

Income protection is a form of insurance which can provide a regular income if you are unable to work as the result of a long-term illness or injury.

Income protection typically enables policy holders to claim between 50-70 per cent of their incomes and these payments are tax-free.

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Frequently asked questions

Income protection insurance offers a regular income if you’re unable to work because of illness or injury, helping you cover essential expenses until you can return to work or reach retirement.

While both provide financial support during health crises, income protection offers ongoing payments during your inability to work due to illness or injury. In contrast, critical illness cover provides a one-time lump sum upon diagnosis of specific serious conditions. 

Typically, income protection policies cover between 50% and 65% of your pre-tax income, ensuring you can manage essential expenses during your recovery period.

Payments commence after a pre-agreed waiting period, known as the deferred period, which can range from 4 weeks to several months. Benefits continue until you return to work, retire, or reach the end of the policy term, whichever comes first.

Yes, self-employed individuals can obtain income protection insurance, providing a safety net when unable to work due to health issues. 

Standard income protection policies do not cover redundancy. They are designed to provide financial support solely for health-related work absences.

Premiums are influenced by factors such as age, occupation, health status, lifestyle choices, and the level of coverage desired. 

Coverage for pre-existing conditions varies by insurer. Some may exclude certain conditions, while others might offer coverage at a higher premium. It’s essential to disclose all health information during the application process.

CIn many cases, the benefits received are tax-free, but this can depend on individual circumstances and local tax laws.

 

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