What is income protection cover?
Income Protection is designed to pay you an income if you can’t work because of an illness or injury.
When you take out this type of policy, you typically insure up to 65% of your annual income. However, this will vary depending on which insurer your policy is with. You can also decide the amount of time between you becoming incapacitated and getting your first payment. This is known as the deferment period. In most cases, the longer the deferment period, the cheaper your premium.