Income Protection Insurance
Find the right cover to suit your needs.

Yes, income protection insurance is worth considering, especially if you do not have savings to tide you over if the unexpected happens. 

This type of policy ensures financial stability when you’re unable to work due to unforeseen health issues, so if you have dependents or live alone, this type of insurance can be invaluable in keeping a roof over your head.

No, voluntarily leaving your job is not covered by income protection insurance. The policy is designed to replace lost income due to illness or injury, not unemployment by choice.

Income protection premiums are generally not tax-deductible. However, if taken out through a business as part of an employee benefits package, the cost may be deductible as a business expense. 

Income protection is broader in coverage, as it applies to a wide range of conditions that prevent you from working. It provides regular payments if you are unable to work due to any illness or injury. 

While, critical illness insurance pays a lump sum if you are diagnosed with a serious illness covered by your policy.

No, standard income protection insurance does not cover redundancy. It is designed to support you financially if you are unable to work due to health-related issues, not job loss due to company layoffs.

Income protection insurance does not pay out immediately. Typically, there is a waiting period of at least four weeks from when you stop working before payments begin. Some policies allow you to delay your claim for up to two years, which can be helpful if you have savings or receive statutory sick pay.

Yes, self-employed or freelance professionals can get income protection insurance. Since self-employed workers don’t receive sick pay from an employer, having income protection is particularly beneficial. Insurance providers consider the fluctuating nature of self-employed income when calculating your monthly payments.

The duration of income protection payments depends on your policy. Some policies provide payments for up to two years, while others continue until you can return to work or reach retirement age.

If you have no savings and rely exclusively on your income to cover essential expenses like rent, mortgage payments, or daily living costs, income protection is a smart choice.

 It is especially beneficial for self-employed individuals or those without sufficient sick pay benefits from their employer.