Learn about the income protection definitions.

When you take out income protection insurance there are different definitions which dictate when you can receive a payout form your insurance policy, it is not just simply being out of work which means you can receive a payout.

The three definitions for income protection insurance are:

Own Job – This means that if you were unable to do your own job then your income protection policy would pay out after the deferment period.
Suited Job – This means that if you are unable to do your own job or any job that is similar to your own job then you would receive a payout from your income protection policy after the deferment period.
Any Job – An any job definition means that if you were unable to do your own job or any other form of paid work then your income protection policy would pay out after your deferment period has ended.

The best definition you could receive is the own job definition as it does quite simply mean that if you are out of work then you will receive a payout as presumably if you are unable to carry your job out for the company you work with then you are unable to carry out the same job with any other company. If you were to receive the any job definition it could mean that you are unable to receive a payout from your income protection policy and are expected to find new employment.

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