Income Protection

Income protection insurance (also known as permanent health insurance) is a type of insurance that provides you with a regular income if you're unable to work due to illness or injury. It can help you cover your essential expenses, such as your mortgage or rent, while you're unable to work.

There are two main types of income protection insurance:

• Short-term income protection: This type of insurance typically provides cover for up to 12 months. It's a good option if you're worried about being unable to work for a short period of time, such as if you have a temporary illness or injury.
• Long-term income protection: This type of insurance can provide cover for up to 20 years or until you reach retirement age. It's a good option if you're worried about being unable to work for a long period of time, such as if you have a serious illness or disability.

When you take out an income protection insurance policy, you'll need to decide how much cover you need. This will depend on your income, your expenses, and your financial goals. You'll also need to choose a waiting period. This is the period of time that you'll need to be off work before your policy will start paying out.