We have designed Income Insurance to be as flexible as possible, and its aim is to suit your income protection needs. Below are some points to help you decide if this cover is right for you.
- You decide whether you can afford to make guaranteed or reviewable regular payments and what is best for you.
- You decide how much cover you need based on your current earnings, the deferred period you want (either 13, 26 or 52 weeks), how long you need the benefit to be paid for, and how long you want the cover for.
- You make regular payments to keep the cover in force.
- We provide cover until your plan ends, no matter how many claims you make.
You must tell us when an illness or an injury stops you working.
- We pay you a monthly income from the end of your chosen deferred period for as long as you are eligible (see below regards deferred periods).
- If you are in hospital for more than seven days in a row during the deferred period, you may be able to receive hospitalisation benefit (see page 12 for details on hospital benefit).
Income protection is a type of insurance that pays you a regular income if you can no longer work due to an injury or illness. Its aim is to replace some of your earned income once any state benefits are taken into account, so you could still maintain the level of lifestyle you are used to. If you are in fulltime employment or are selfemployed and earn an income, you can take advantage of an income protection plan.