Find Out More About Income Protection
What is Income Protection?
Income Protection is a protection policy that will pay out a regular cash payment, replacing part of your lost income if you have a long-term illness or disability and you are unable to work. Income Protection is also sometimes referred to as Permanent Health Insurance, but it must be stressed that Income Protection is not the same as a private health-care plan. e.g. private health-care plans help pay for the costs of your treatment, they do not pay out any extra cash benefit. While it is the case that like a pension people put it on the long finger it is vital that one has some protection against loss of income. The recent global recession has made this point abundantly clear.
Do I Need Income Protection?
If you become seriously ill you may be entitled to social welfare payments, sick pay or a level of income under your employers pension plan. If income from these sources is sufficient for your needs then you may not need extra cover from an income protection policy. However, you may need this cover if:
-You are self-employed;
-You would get little or no sick pay from your employer; or
-You have no ill-health pension protection.
How Much Would I receive from my Protection Policy?
You get a proportion of your earnings (75% up to
