AT A GLANCE
What is income protection insurance?
Income protection can replace part of your earnings if illness or injury prevents you from working, subject to the policy definition and waiting period. Cover limits, exclusions, employer sick pay and the length of benefit payments all matter.
Your income supports much of daily life, from household bills to the plans you are making for later. Income protection can provide regular payments if illness or injury stops you working, subject to policy terms. The right level and timing of cover depend on your work, sick pay and savings.
What this can help you explore
- Assess how long existing sick pay and savings could last.
- Compare waiting periods, benefit periods and policy definitions.
- Consider protection needs for employed or self employed work.
Things to consider
Insurers apply eligibility, medical and occupation criteria; exclusions and maximum benefits vary.
Payments usually begin after a waiting period, and cover generally does not include redundancy.
Your questions, answered.
It is the agreed time between becoming unable to work and benefits starting, subject to the claim meeting the policy conditions.
No. Income protection usually pays regular benefits for qualifying incapacity. Critical illness cover typically pays a lump sum for specified conditions.
Who provides this service?
The provider, applicable permissions, advice scope and terms must be confirmed before you proceed. Regulatory treatment and protections vary by service and product.
Regulatory information