What is Income Protection?

In general terms, it’s an insurance policy that supports you financially if you are unable to work due to an illness or an injury,
which means you are unable to carry out your normal occupation.

It covers an agreed proportion of your income if you are unable to work due to an incapacity.
It can pay out until you return to work, retire or reach the end of the policy term, whichever is sooner.
There is a waiting period before the benefit payments start. You decide what’s right for you considering how long you could cope and when your existing benefits stop. Longer waiting periods help reduce your premium.
It covers the majority of illnesses or injuries that leave you unable to work, in the short or long term, dependent on the type of policy you take out and its definition of incapacity.
You can claim as many times as you need to. There is no limit throughout the duration of the plan.

It is NOT the same as critical illness insurance, which pays out a one-off lump sum if you have a specific serious illness.
It is NOT the same as short-term accident cover which only pays out a limited amount.
It is NOT a life assurance plan, nor does it cover you in the event of pregnancy.
It is NOT a redundancy or unemployment plan.
It is NOT a healthcare plan, covering your medical bills specifically.