Income protection pays out a monthly income if you are off work with an accident or illness. The money can be used for any purpose and is designed to make sure your quality of life financially doesn’t suffer if you are off long term.
You can choose how much income you would like to receive (usually up to a maximum of 50% of your income) and when the cover kicks in. If you are employed, you may have sick pay you’re your employer for certain period but what happens when this finishes? Income protection can pay out long term to make sure you always receive an income even up to retirement age.
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