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Here we answer our most frequently asked questions regarding Income Protection Insurance and ASU Cover.
If you have any questions which are not answered below or would like independent advice regarding income protection then please fill in our call back request form and one of our friendly advisors will give you a call.
What exactly is Income Protection Insurance?
It is a protection insurance policy which will pay you a monthly income should you be unable to work due to illness or disability.
If I claim, Will my payments be tax free?
Yes, If you make a claim and start to receive a monthly income from your income protection policy then these monthly payments are free from income tax.
When the policy ends, do I get any money back if I have not made a claim?
No. The insurance policy is only designed to pay out should you not be able to continue working due to a disability or illness. Once you reach the end of the term of the policy then it simply expires & ceases to exist and has no monetary value to it.
Can I just cover Redundancy / Unemployment only?
Yes you can just cover yourself against the risk of redundancy only should you wish.
You actually have the following options of cover (this applies to ASU Cover):
Accident, Sickness & Redundancy
Accident & Sickness only
Redundancy only |
