What is Income Protection Insurance?
IPI policies provide policy holders with a regular income and benefits should they face sickness or an accident and were unable to continue working. Policies offer to cover these benefits until the policy holder recovers, dies or the policy reaches its terminating age. There is a minimum term for such policies, usually 5 years, and a maximum age when the policy is terminated which is between 60 and 65.
The monthly premium can be fixed at the commencement date for the term of your plan and policy holders may choose their own deferred period which determines when the benefit payments will start after the policy holder has become incapacitated as long as the claim is agreed.
Just like other insurance policies of this type, at the time of application you will be required to disclose information about your medical history, personal circumstances and earnings amongst other personal information.