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Income protection (previously known as permanent health insurance or PHI) is a policy designed to payout a specified monthly benefit to replace your salary in the event of you being unable to work due to disability or accident or sickness.
If you're looking for a short term policy for accident, sickness and unemployment cover (pays out for up to 12 or 24 months only) to purchase online, click here .
Redundancy/Unemployment cover on its own? Click here
If you are self employed, a tradesperson (eg builder, scaffolder, welder or in Class 3 or 4 occupations) or in a specialist professional occupation (eg. dentist, surgeon), you may find a policy from a Friendly Society more competitive - click here for more details.
Income Protection Product Features
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You choose the deferred period to suit your needs, this ranges between 4 weeks and 2 years - back to day one cover available with some policies.
» Insurance provides an income commencing after a deferred period for a person who is unable to work due to sickness or injury.
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The policy has a fixed term, usually to retirement age of 60 or 65.
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The policy, when in place, is permanent. The premiums cannot increase (unless a reviewable premium is chosen).
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There is a maximum insured income limit based on several factors. Please contact us for your specific situation.
» The benefits can be level or increase at a fixed amount.
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Premium rates are occupation based.
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Maximum income typically up to 65% of your earned income.
Income Protection Policy Benefits
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Income is paid for the duration of your illness or incapacity or/and until your selected end date (typically to your retirement date)
» If you recover then become ill again you can recommence your claim or if it is for a different incapacity, claims are not restricted to one event.
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Benefits paid for short & long term incapacity, subject to the deferred period.
The insurance company cannot cancel cover once you have been accepted. You can cancel, they cannot.
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Inflation protection can be provided by arranging an increasing policy. This provides increasing cover to take into account rising future costs.
» Guaranteed premiums are available with most insurance companies.
Income Protection Policy Limitations
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You may receive exclusion for any pre existing medical conditions.
Some occupations may be excluded from cover.
INCOME PROTECTION QUOTE
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