Anita Cambie Financial

Income Protection

An income protection insurance policy protects against the loss of your ability to earn money due to illness or disability.An income protection policy gives you the comfort of knowing that if your income ceases you will still have a source of income giving you the ability to pay your mortgage and bills.

To apply for income protection insurance policy you must be in full-time paid work or be self-employed .

Most income protection policies pay out a benefit if you are unable to work due to an illness or disability and you do not have a second job. Payment beginsafter a deferred period as specified in your policy (13weeks, 26weeks, 52weeks) has lapsed.

You get your benefit only after you have been unable to work at your job or any other type of job and your deferred period has lapsed.

If you choose a deferred period of 13 weeks, which means you must be unable to work for 13 weeks before the income protection payments will begin, it will cost more, because your benefit would start sooner than if you choose 26 weeks or 52 weeks.

If your employer offers sick pay as part of your contract, it is wise to check the details with them before making a decision on your deferred period time. The length of the deferred time can influence the policy premium.

Some income protection policies only cover you if you become severely disabled and are not able to carry out any paid work.

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