There are two main different types of income protection policy, long-term and short-term. You can pick which you'd prefer during your quote, but what's the difference?
Long-term - these policies can give you a tax free regular income until you're able to go back to work or you retire
Short-term - typically, these policies will only pay out for up to 12 months rather than until you're fit to return to work, or retire (i.e. a long term policy)
Redundancies, injuries or debilitating illnesses can come out of nowhere. If any of these were to happen, you'd still need to pay your mortgage or rent and bills. Having the right type of insurance in place could help to cover those bills until you're ready to return to work*. While your policy is paying you a regular amount of money, depending on who your policy is with, you may still able to claim sick pay and any other benefits you're entitled to.
An income protection policy could help cover any of a number of typical, regular expenses in your life. You could still make your loan payments or repay credit card bills in your time of need. Simply tell us about your current circumstances using our online form and we'll fetch our best income protection insurance quotes for your needs.
*Depending on your policy, this could be limited to 12 months, or on a long term policy, until you retire.