As the names implies - this income protection insurance kicks in when you become unable to bring in income to support yourself or your family. 

If you can't work, the bills - mortgage, rates, electricity, gas, telephone and all those other household bills won't stop coming.    

There are two main options, one will cover your income (income protection) if you get ill, the other is unemployment protection insurance - you can select which income protection option you want.

Income protection cover

Income protection is available whilst you are in full time employment - you choose the termination date - which is usually your retirement date.  

These policies are also ideal for the self-employed.

Many income protecion policies include extra benefits at no additional expense like GP Helpline/rehabilitation benefits/counselling or hospital benefits - see the policy key facts for further information.

A certain period - called a deferred period - needs to pass between the last day you can work and when a claim is available.  A longer deferred period will mean lower premiums.  Deferred periods can range from 4 to 112 weeks.

Premiums may be affected by your state of health, age or smoking habits when you are applying for a policy.

Reviewable or guaranteed premiums - if guaranteed they remain level through the policy life.  Where premiums are reviewable, reviews generally take place every 5 years.

Multiple eligible claims can be made during the life of the policy.

Although payments may be paid tax free - they may be means tested for other government benefits.

Payment Protection Insurance - is a shorter term type of income protection - it generally is taken out to protect your rent or mortgage payments for a specified short period (12/24 months) but they may optionally include cover for redudancy.

Unemployment or redundancy Insurance

Provides cover if you are between 18 and 64, in full time employment /self employment of over 16 hours/week and become unemployed or redundant.

 This sort of insurance can cover your mortgage payments, rent, outstanding loan payments, household bills or your income.

Lifepro can help you find the lowest cost income protection insurance - with the best cover for you.  

Start saving money right now by completing some brief details to get your online quote - No hassle. 
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