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INCOME PROTECTION

WHAT IS INCOME PROTECTION?


Income protection is an insurance policy which covers or protects your income in the event of injury or illness.Rather than underwrite a loan or outstanding debt, income protection claims pay a tax free percentage of your income direct to you as the policy holder. It is up to you how you spend it. find out more at IP POlicy provider

HOW MUCH AND WHEN WILL I BE PAID IN THE EVENT OF A CLAIM?


The terms of a policy are established at the outset of the contract and can encompass your specific needs. You can opt for long term, short term cover over given periods of your working life. The duration of a claim can also be tailored to the rest of your working life or over a shorter, predetermined period. The amount or percentage of your earnings that is payable on a clain is also pre-agreed (usually between 50% and 70% of earnings). All these factors will determine the amount you get paid and over what period of your working life the policy will operate. When you get paid is also a variable as most policies have a "deferral period" which is the time from which you become unable to work to the time that the policy kicks in and starts to pay you, typically 13 - 26 weeks. Let your IP policy provider to talk you thorugh these options

HOW MUCH WILL IT COST ME?


You can see that these policies can be manipulated and custom built to each individual case and as such, the final cost will very much depend on the variables you select as well as your occupation and personal circumstances. to find out more, please contact IP policy providers

 

 
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