Income protection

Income protection provides cover for periods of long absence from work due to accident or illness. Income protection pays a taxable income benefit if you are unable to work. The monthly cost of the policy gives you tax relief at your marginal rate.

Accident or illness. Can't work. Don't worry.

The key question with this cover is when should the benefit start paying out? The "deferred period" is usually 13 weeks. This means you must be off work for more than 13 weeks before the insurance kicks in. After that time you are covered up to retirement should your illness or disability last that long.

If your job covers your income for long periods, or if you have significant financial resources to support you, you could take a longer deferred period, which would reduce the cost of the cover. Alternatively, you might seek a shorter deferred period, which is available for certain occupations.

Some occupations will not be eligible for cover while others will attract higher premiums. You should discuss the nature of your job, particularly any risk factors associated with it, with your Financial Broker so he can give you a clear idea of the cost and availability of cover.

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