Introduction

Income Protection insurance can raise several questions, especially regarding its suitability and coverage. These frequently asked questions aim to clarify basic and complex aspects of Income Protection, helping you make an informed decision about safeguarding your income.

The Basics

What exactly is Income Protection insurance?

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How does Income Protection differ from Critical Illness cover?

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How long does Income Protection pay out for?

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Can I cover 100% of my income with Income Protection?

Other FAQs

What factors affect the cost of Income Protection premiums?

Premiums are influenced by various factors, including your age, health, occupation, the percentage of income you want to cover, the policy’s deferred period, and the range of illnesses and injuries covered.

Can I still claim on my Income Protection policy if I have a pre-existing condition?

This depends on the policy. Some insurers may exclude pre-existing conditions or increase premiums for them. It’s important to disclose all medical history when applying for the policy to ensure full transparency.

How do changes in my employment status, such as a promotion or a new job, affect my Income Protection policy?

Changes in employment, especially those that involve a significant income change, can affect your policy. It’s crucial to inform your insurer of any such changes to ensure your coverage remains adequate and relevant. In some cases, your policy may need to be adjusted to reflect your new income level.