If you face an illness or injury that stops you from working, this insurance provides regular monthly payments to cover your ongoing financial commitments like household bills and mortgage or rent payments.
Why do I need it?
Your ability to earn is your biggest asset. If an illness or injury prevents you from working, you’ll want to know your finances and family are taken care of so you can focus on recovery and getting back to work. With income protection insurance, you’ll be supported to meet your ongoing financial commitments and make choices that are important to you.
With Income Protection you’ll need to choose the way you want your monthly payments to be calculated around your income.
- Agreed Value Cover
Benefit payments are based on a proportion of your income agreed at the time you take out your cover. Suited if you want certainty about how much your monthly claim payments will be. OR
- Indemnity Cover
This option calculates your benefit payments based on a proportion of your income at claim time, before you suffered the illness or injury. OR
- Loss of Earnings Cover
This option allows you to choose at claim time how your benefit payments are calculated. Based on either an agreed value or indemnity, whichever is higher. This is helpful if your income fluctuates, for example as a contractor or if you’re self-employed.
