Income Protection Insurance
Income Protection Insurance
This form of insurance used to be known as permanent health insurance, which is an insurance policy that pays out if you are unable to work because of injury or illness. Income protection like most insurances has a range of terms and conditions with some paying out up to your retirement or death, and some until you return to work. Short-term income protection policies are available and typically last one or two years for a lower premium.
Income protection and term income protection will not pay out if you are made redundant. However, most policies provide 'back to work' help when you are off work following an accident or sickness.