Income Protection

Income protection insurance is an important product for most people as it is designed to provide cover in the event of a significant loss of income caused by a long-term illness or injury. This type of insurance is also commonly referred to as Income Replacement Insurance and Permanent Health Insurance (PHI). Your type of occupation also makes a difference to the premium you will pay.

The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained then cover will lapse.

How does the policy work?

If you are unable to work due to health issues, your income protection insurance policy will pay out a tax-free monthly income to compensate for any loss of earnings. The maximum amount of benefit you receive each month is based on a percentage of your gross earnings (usually around 50% of your pre-tax income). These monthly payments will continue until you are fit enough to return to work or, if you fail to make a recovery, until the end of the policy term which is typically your selected retirement date.

Please call us so we can discuss your situation and organise a quote for you.

The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained then cover will lapse.