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Life insurance is there to protect your family from any financial worries if you are no longer around. It is designed to pay out a lump sum on death and can be arranged on a level or decreasing basis, depending on how your mortgage is structured:
Income protection (IP) is designed to protect your income if you are unable to work due to an accident, injury or illness. Typically, it will pay out up to 70% of your annual income and is paid out tax free.
In the event of a claim, IP will pay out until you’re deemed well enough to return to work by a doctor, or if your condition prevents you from working again, until the end of the policy term.
It is important to check any sick pay benefits that you receive from your employer, to determine when you need the policy to pay out. This is known as a ‘deferment period’ and can start from 4 weeks all the way through to 52 weeks. The longer the deferred period, the cheaper the IP will be.