Income Protection Insurance

An Income Protection Policy is designed to protect your income if you are unable to work as a result of disability or ill health. Unlike an ASU policy which typically has a maximum term of 1 or 2 years, an Income Protection policy can have a significantly longer term, and typically upon a successful claim would pay out a monthly tax-free income after your chosen deferred period  until you either recover or reach your selected retirement age.

A monthly benefit if you are unable to work.

The maximum cover you can have is typically between 50-60% of your gross income, however, as the benefit is paid tax free, you can replace a high percentage of your income in the event of long term incapacity.