Income Protection Insurance will offer a tax free monthly income if you unable to work due to accident or illness.
An Income Protection Insurance policy will start paying out after a specified amount of time known as the deferment period.
The deferment period of an Income Protection policy is decided upon by the policy holder prior to their Insurance commencing.
Generally speaking, the longer the deferment period of an Income Protection Insurance policy, the cheaper the premiums.
An Income Protection Insurance policy will pay out after the deferment period and up until you return to work or until your retirement.
The amount of cover you will be allowed on is usually capped between 50% to 65% of your monthly income.
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