Income Protection Insurance

Whilst many of us are happy to insure our homes, cars, life etc, Many
of us do not insure our income against illness or the risk of disability.

Could your household survive financially should you be unable to work due to an injury, illness or becoming disabled and not having an income protection insurance policy in place?

Even a short time off work can have a devastating effect on your finances and may result in you being unable to fulfill many of your financial commitments and obligations such as your mortgage, loan payments, car finance as well as general expenses such as utility bills, grocery shopping, fuel etc.

With a simple to arrange Income Protection Plan, you will be paid a tax free monthly income to help cover your finances whilst you are off work. This income will continue to be paid until you are able to return to work or you reach your desired retirement age (which ever happens first).

Income Protection Insurance

Accident, Sickness & Unemployment Cover

Covers

illness and/or disability

accident (disability), sickness &
redundancy/unemployment

How Long Can You
Claim For

until your desired retirement
age (between 50-70)

maximum of 1-2 years dependent
upon the policy & provider

Number of Claims
Permitted

no limit

once

Policy Set Up

strict underwriting process which may
require a medical and GP report but this
results in a much higher chance of
a successful claim

usually quicker than income
protection but also can carry
a lower chance of a successful claim

Waiting Time Prior
To Claiming

you have the option of a deferred payment
date of 4, 8, 13, 26, 52 and 104 weeks
after the incident available. (The longer
your chosen deferred payment date
the lower your premiums will be)

the usual deferred payment dates
are 30, 60 & 90 days after the
incident.

What Can You Use
The Money For

should you make a claim then the
income can be used for anything

asu cover is usually directly linked
to your mortgage, loan or income

Returning To Work On a
Lower Salary

should you return to work on a
lower wage then you can still
claim a proportional amount

-

Claim Whilst Receiving
Employers Sick Pay?

you cannot make a claim whilst you are
receiving sick pay from your employer.
Please note that if you are not receiving
the full sick pay amount then you may
be eligible to claim a proportional amount.

yes you can claim whilst you are
receiving sick pay form
your employer

Summary
Because there is a stricter underwriting process for income protection insurance, this insurance usually carries a
greater chance of a successful claim.
Whilst both cover you against illness & disability, an income protection plan will not cover you against
redundancy / unemployment.
Income Protection will pay out for a much longer duration than asu which could make it more suitable
should you become seriously ill or disabled as asu will only pay for 1 - 2 years dependent upon your insurance
provider and policy details.