Answered by Andrew Jenkinson
Income Protection explained
Income protection insurance is not just for major illnesses, it will pay out for any illness or injury which prevents you from going to work and insurers do not have a list of conditions they cover for income protection.
The deferred period
There is a deferred period with income protection insurance which is usually a minimum of four weeks. This is the period of time for which you will have to be off sick before you receive payment. Therefore generally income protection is not intended to cover very short term illnesses.
However some insurers have deferred periods starting from one day where you only have to be off for four days before making a claim and the payment is back dated to day one.
Most people choose the deferred period to coincide with any occupational sick pay or savings. The longer the deferred period the cheaper the premiums.
An example of what you can claim for
For example if you were off with a chest infection for 2 weeks and your employer pays one week full sick pay then you could choose a deferred period of one week which would mean that you would get a payment from the insurer for the second week of sickness. Also you are able to make multiple claims on income protection policies.
Speak to an expert
It will help to talk through your options with an adviser, who will be able to make some recommendations based on your own circumstances. Please call us on 0208 432 7333 or get a quote online by completing the form below.
Frequently Asked Income Protection Insurance Questions
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