Income Protection Can Be Invaluable, But The Sector Is Still Confusing
Income protection is taken out to ensure that if you were to come out of work due to suffering an accident, through sickness or if you were to become unemployed by such as redundancy then you would still have an income with which to pay your essential outgoings.
Providing income protection is suitable for your circumstances it would begin to provide you with a tax free income to replace up to a certain amount of your lost income each month once you had been out of work for a certain length of time, which can be anything between 31 and 90 days of being out of work. Once the cover had started to payout then it would continue for between 12 and 24 months depending on the provider and it would make sure that you could pay your essential outgoings and so not make a huge difference to your lifestyle.
However just as will all the family of payment protection there are reasons which could stop you from claiming on a policy which means income protection might not be suitable for your circumstances. While exclusions can differ slightly between policies there are some that are common to all...
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