Income protection provides you with a regular income, which is paid out if you cannot work due to an illness or injury. It is meant to replace some of your earned income if you can no longer earn an income yourself - making sure that you enjoy a comfortable standard of living. You can take out income protection if you are in full-time work or are self-employed and earn an income
The eligibility to payments commences after a deferred period, for example after 13 / 26 or even 52 weeks.
- The cover continues until retirement age 60/65, but can be subject to medical review.
Your plan will protect your income against:
- Any illness
- Any injury
- Any disability or
- Any accident resulting in you being unable to work for longer than your deferred period.
This policy offers tax relief on the premiums paid. However, any benefit paid is subject to income tax in the normal way.
To find out more please contact a Moneycare Advisor today.
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