How would you pay your bills if you couldn’t work?
Without a steady income would you be able to cover bills like your rent, mortgage or other living costs? Income protection is designed to cover your income in the event you can’t work because of an injury or illness.
With most income protection policies, payments are made monthly and can help you stay on top of your outgoings, whilst you recover and get back on your feet.
What is income protection?
Income protection is a type of insurance designed to help you continue to meet your regular financial commitments if you are unable to work for an extended period of time.
If you can’t work because you’ve suffered an accident, become sick, or lost your job through no fault of your own, an income protection policy pays an agreed portion of your salary each month.
Not just for people working in dangerous industries, income protection covers events outside of your control: you’re unlikely to receive a pay-out if you’re fired or purposely injure yourself.
A few things to know about income protection
- With most policies there is a waiting period after you stop work for payments to start
- There is no set list of illnesses or injuries covered, claims are individually assessed
- Answer questions accurately, otherwise your policy might not pay out when needed
- Most policies won’t payout if you are fired, or leave a job without a new one lined up
Your common income protection questions, answered
Can I get income protection if I’m self-employed?
Yes, there are income protection policies designed for people who are self-employed. There may be some slightly different terms, do you can get cover being self-employed.
How long will I be covered if I’m unable to work?
Income protection is designed to cover a short-term period of being unable to work. Most policies will pay-out for 12 months, or up to 24 months in some cases.
How much will I get each month?
The amount you claim will not replace the amount you earn, the pay-out you receive is based on 60% of your monthly income, before taxes. In some cases there may be a cap applied to the monthly pay-out.
Can I get income protection if I’m unemployed?
No, you can’t be unemployed when taking out an income protection policy, you must be working for 16 or more hours a week.
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