Income protection can benefit you.

Do you want to know how it is that income protection insurance can benefit you?
Income protection is a form of insurance which will cover you if you were to be out of work due to an accident or illness. Becoming ill and being in an accident are beyond our control and this is understood by income protection insurers, this is why they offer an insurance policy which allows you to receive a percentage of your income in tax free payments which is a replacement for the income you will have lost.
When you take out a policy you will choose just how long you will receive payouts for, this can be anything up until your retirement. You will also choose how long you will need to wait from making a claim to receiving your first payment which can be anything from 4 to 13 weeks, maybe even longer if you can afford to wait that long.
You can choose to take out a short term income protection policy which will pay out much quicker however the payouts will only last for two years and so it is not always an ideal policy to take out, as the longer term policy offers you greater protection.

Leave a Reply

You must be logged in to post a comment.