Understanding Income Protection Insurance
Frequently asked question
Who is eligible for Income Protection Insurance?
Typically, anyone who is employed and earning a regular income is eligible for Income Protection Insurance. Age, occupation, and health status may affect eligibility and premium rates.
How much does Income Protection Insurance cost?
The cost of Income Protection Insurance varies depending on factors such as age, occupation, income, benefit amount, and waiting period.
How long does Income Protection Insurance pay out for?
The length of time that Income Protection Insurance pays out depends on the policyholder’s chosen benefit period, which can range from a few months to a few years.
What happens if I am unable to work due to injury or illness?
If you are unable to work due to injury or illness, you may be eligible to receive income replacement through your Income Protection Insurance policy.
How does Income Protection Insurance differ from other types of insurance policies?
Income Protection Insurance differs from other insurance policies, such as Life Insurance or Critical Illness Insurance, in that it provides ongoing financial support in the event of disability, rather than a lump sum payment in the event of death or diagnosis of a specific illness.