About Income Protection That Covers Your Salary
Income insurance is a plan that is designed to give you financial protection by protecting a percentage of your annual salary if you are unable to work due to ill health, disability and even unemployment.
Protect your salary income
The policy acts as a financial safety net giving you peace of mind should anything happen to you or you found yourself unemployed. Putting cover in place to protect yourself is vital.
The protection will continue and supply you with a pay out if you are unable to work up to the point where you are either well enough to return to work, you retire, the policy expires or you passed away.
This cover does have a waiting period called the deferred period and no monies will be released during this period. The length of the deferred period can be agreed at the time of purchase.
With Income Protection insurance a claim can be submitted as many times as required by the policy holder. This will ensure your salary is protected for as long as you have the policy in place- So why not consider purchasing an Income Protection Insurance policy today?
How Does It Work?
If you have Income Protection Insurance and lost your job or find yourself unfit to work for some time due to ill health or a disability, you and your salary will be covered and protected. You will receive an agreed sum, either on a weekly or monthly basis and the pay out will be tax free.
The pay out will only be released to the policy holder once the waiting period, known as the deferred period has come to an end. The longer the deferred period the lower your payments are.
There are a number of features that come with Income Protection Insurance and these are:
- The policy covers you and your salary for accidents, sickness or unemployment
- The policies available to you ensure you have coverage to suit your needs, and the policies on offer are: Re-viewable policies, age related policies and guaranteed policies.
- The policy offers a monthly or weekly payment that protects your salary if you are unable to work
What Are The Benefits?
There are a number of benefits with this policy, and these are:
- There are a number of insurance policies available to suit your needs
- The monies released to the policy holder will be paid regularly, either weekly or monthly
- You can have faith in your policy as the coverage will continue for as long as you require and providing your premiums are regularly paid.
- A claim can be made as many times as you wish
- Peace of mind for the policy holder as you have ensured your salary, bills and any debts are all covered