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Income Protection

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Income protection insurance, also known as permanent health insurance, provides a regular income if you become unable to work due to illness or injury. It’s designed to replace a portion of your salary and helps cover essential expenses like bills, mortgage payments, and everyday costs while you recover or adjust to a new situation. 
 
Here’s a more detailed explanation:
  • How it works:
    Income protection policies pay a monthly benefit, usually a percentage of your former income, if you are unable to work due to illness or injury. 
     
  • What it covers:
    The coverage typically extends until you return to work, retire, the policy expires, or the claim period ends, whichever comes first. 
     
  • Benefits:
    It can help you manage your finances while you focus on your recovery or adapt to a new work situation. It can also provide access to specialist rehabilitation services. 
     
  • Who it’s for:
    While it’s not essential, it can be a valuable financial safety net, especially for those who are self-employed or have a high-earning potential. 
     
  • Key considerations:
    Income protection policies have various options for benefit amounts, claim periods, and other features. It’s important to carefully evaluate your needs and consider the type of coverage that best fits your circumstances

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