Income Protection

What is income protection?
Income protection is basically what is sounds like, it protects you and your familt if due to injury or illness you can no longer draw and income. This is especially pertinant to the self employed. Income protection will pay you a weekely amount (after waiting period) up to 75% of your usual income unless the chosen limit is the lesser. Income protection provides security for you and your familiny knowing you can pay bill etc.
Waiting Periods
The waiting period is the time from when you are injured or become ill and are unable to work and when you will recieve your first benefit under the policy. Typically waiting periods are 7, 14 or 28 days. Generally speaking the shorter the waiting period the more expensive the premium will be.
Benefit Period
The benefit period is the period during which you receive your income protection. The standard benefit period is 2 years (24 months) however you can choose a longer period with certain underwriters. The longer the period the more you will pay.

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