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Income Protection, also known as Permanent Health Insurance (PHI), is an insurance to protect your income against long terms sickness or injury and not being able to work. It is set up whilst you are earning income. It does not protect you against redundancy.

  1. What is income protection?
    Income Protection is an insurance against you being unable to work for extended periods of time due to ill health or injury.
  2. How does income protection work?
    If you are unable to work due to ill health or injury, after an initial waiting period (pre-determined waiting period to ensure you are in fact seriously ill and unable to work), the insurer will commence to pay you a portion of your earnings for as long as you are unable to go back to your previous job.
  3. What is the advantage of having income protection?
    Income protection is a living benefit that will be paid to protect your income while you are alive. It is an insurance that will benefit you if you are unable to work for prolonged periods whilst you are alive. Your earned income is in fact your most important asset and should be insured against the event of it being interrupted due to ill health.
  4. How is income protection different from specified illness cover?
    Income protections differs from other types of living covers, like specified illness cover, as it is not paid out based on a set list of pre-declared illnesses. If a medical professional deems you unfit to work due to your diagnosis, for whatever reason, your claim will be paid.

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