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Income Protection

Income protection aims to provide you with a continued income to help you maintain you and your family’s Standard of Living, if you are unable to work due to illness or accident resulting in a loss of earnings.  The plan is also commonly known as permanent health insurance as the plan benefits are paid upon valid claim until either you can return to work, end of the plan term or earlier death whichever is earliest.  As can be seen this plan provides considerable protection as you could receive benefits for many years.

The plan term is chosen at outset and normally linked to your preferred retirement age.  If the policyholder ceases to pay the premiums, the policy terminates and has no value.  The benefits of the plan are paid tax free upon a valid claim.  Waiver of Premium benefit is normally included within Income protection plans as standard to ensure that whilst claim benefits are being drawn the plan is kept in-force as the plan can be claimed upon more than once until the end of the plan term.