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Income Protection
What is Income Protection?
Income Protection is an insurance policy that provides a regular monthly income if you’re unable to work due to illness or injury.
It’s designed to replace a portion of your earnings — typically up to 65% of your gross income — helping you cover essential expenses like mortgage payments, bills, and living costs while you recover.
Unlike Critical Illness Cover, which pays a single lump sum for specific medical conditions, Income Protection pays an ongoing benefit for as long as you’re unable to work (subject to policy limits).
How does it work?
When you take out an Income Protection policy:
- You choose a monthly benefit amount, a deferment period (how long you wait before payments begin), and a benefit term (how long payments continue).
- You pay regular premiums to the insurer.
- If illness or injury prevents you from working after the deferment period, the insurer starts paying your monthly income benefit.
- Payments continue until you return to work, reach the end of the benefit term, or retire — whichever comes first.
Cover can be arranged on:
- An own occupation basis – you’re covered if you can’t do your specific job.
- A suited occupation basis – you’re covered if you can’t do a job suited to your skills.
- An any occupation basis – you’re covered only if you can’t work at all.
Benefits of Income Protection
- Provides a regular, reliable income during long-term illness or injury.
- Ensures you can maintain your lifestyle and meet financial commitments.
- Can be claimed multiple times throughout your policy term.
- Often includes rehabilitation and return-to-work support.
- Offers peace of mind for you and your family.
Who is it for?
Income Protection is suitable for:
- Employees and professionals whose income would stop or reduce if they couldn’t work.
- Self-employed individuals with no access to sick pay or employee benefits.
- Families or homeowners relying on a steady income to cover regular expenses.
- Anyone wanting long-term security and protection against income loss.
Tax treatment
Premiums are paid from after-tax income and are not tax-deductible for individuals.
- The monthly benefit is paid tax-free if you personally own the policy.
- For business-funded cover (such as Executive Income Protection), tax treatment differs — premiums may be deductible, but benefits are taxable as trading income.
Complete the form
Submit the details of your insurance requirements here