Income Protection

Pays an ongoing income if you are unable to work due to sickness or injury…

 

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Main events covered

Seriously incapacitated by illness or injury that you are unable to perform your occupation and not in fact working, this benefit will provide an income after a pre-selected wait period  until the end of the benefit period or until the life assured is able to work again, which ever comes first.

 

Structures

You may choose at application time to have an Agreed value, indemnity option, or loss of earnings type contract or a combination.
Agreed value is agreed on at application time where indemnity is accessed at claim time, loss of earnings pays a percentage of your loss.
All benefits have offsets taken into account at claim time, this varies between insurers.
Has a benefit period from 1 year to age 70 this is discussed at application time
Has a waiting period for your benefit stand-down period, this is discussed at application time
Benefit is paid to the policy owner(s)
Inflation adjusted option
Generally guaranteed renewable till age 65 – 70 once accepted into the policy

Different ways to structure premiums

Stepped option is rated on age, the price increases as the person ages
Level Premium(payments) option is available for some products of Income Protection which means you can average your payments over a certain number of years,  level premiums generally are not guaranteed level premiums for this type of insurance and are annually reviewable as if claims rise the insurer can raise the underlying rate.

 

Features and Benefits

Bed Confinement benefit and other benefits vary depend on which insurer is used 
Partial disability benefit is a reduced benefit less offsets if you have been totally disabled for more than two weeks and after that remain partially disabled, some insurer’s you don;t need to do the two weeks of total disability to be entitled for partial benefit.

Here’s 4 tips regarding making the most of your income protection Insurance:

  • Extend your wait period to 8 or 13 weeks if you can afford to wait longer before money is paid in the event of a disability or illness, the longer your wait period the cheaper you pay the insurance company for the insurance.
  • Average your premiums out over the whole term you hold the cover. This makes the premium payments more affordable for when you get into your 50s or 60s when you’re more likely to use it or
  • take a loss of earnings contract and as time goes on and you have less to lose because of building a passive income or your future, you possibly could reduce the cover as the price increases due to age.
  • If you are regarded as a higher risk person due to your occupation, we may be able to get you at least a sickness income protection.

 

Click here to request a quote or feel free to call us on              0800 822 122

 

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