Protect yourself with income protection.

People are starting to take insurance out for many different reasons and for different circumstances but ultimately it is all for your protection. You take out car insurance to protect yourself if your car is in an accident, you take out house insurance so as to protect your home if it is burgled or if it is in a fire. Having insurance allows you to relax and not worry about situations that may or may not happen.

Income protection insurance protects your income if you lose your job. There are different types of income protection insurance policies which payout when you lose your job such as if you have an accident or illness or if you lose your job due to job cuts. When you take out income protection insurance you will receive weekly or monthly tax free payments of on average 65% of your income. Having income protection will give you peace of mind so you do not need to worry about what will happen if you end up with a total loss of income.

If you lose your job due to an accident or illness you will be able to receive a payout from your income protection insurance as long as you meet the definition you were given when you took out your insurance policy. An own occupation definition means you will receive a payout when you are unable to do your own job. A suited occupation definition means you will receive a payout when you are unable to do your own job or a job similar. An any occupation definition means you will receive a payout when you are unable to do any form of paid work.

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