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Income Protection Insurance

Income Protection Insurance (IPI)

Income protection insurance (sometimes referred to as permanent health insurance) is designed to provide you with tax-free regular financial support (like an income, as opposed to a lump sum) if you need to take extended time off work because of illness or injury to avoid having to otherwise rely on savings, or on sick pay.  

Income protection policies are designed to cover most illnesses that leave you unable to work either in the long term (depending on the type of policy and their specific definition of incapacity). 

The regular income protection payments ensure that you can continue to pay your bills and meet other financial commitments, allowing you to remain financially stable as you focus on what really matters - getting better. 

Most policies are designed to pay regular sums of money until you can start working again, or until you retire, die or the end of the policy term - whichever is sooner and provide for multiple claims over the term of the policy. 

The premiums will depend on your occupation, age, the percentage of your income that you will need to be covered and your current health.  

Every policy is different and will cover different conditions and levels of health and so as ever, it is essential that the wording of the policy is checked in detail to ensure that it meets your specific needs. 

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