What is income protection?
Income protection insurance replaces a percentage of your monthly income if you are unable to work due to injury or illness. It pays a monthly, tax-free income until you are back in work, your policy expires, or you retire.
This type of cover is designed to cover employed or self-employed customers to support you and your loved ones if the unexcepted was to happen & you can normally claim as many times as you need while your policy is in place.
Do I need income protection?
You don't until you do! Income protection is a useful cover for nearly everyone, because most of us earn a regular income & would struggle financially if we were unable to work.
How much does income protection cost?
The cost of critical illness cover will depend on many different factors:
What's the difference between income protection and critical illness insurance?
These are two very different types of cover; Income protection insurance pays a percentage of your gross salary as a regular payment until you can return to work.
Critical illness insurance provides some financial help, usually a lump sum payment, if you are diagnosed with a critical illness that's covered in your policy. These polices don't generally pay out if you die and have no cash value at any time.