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Income Protection Explained

Income insurance is beneficial to everybody since this type of policy ensures that in case the policy holder falls ill or get injured and cannot work, he will receive a certain amount every month after the selected waiting period. In addition to getting a monthly amount, the policy holder and in certain cases his family receives additional benefits such transplant surgery benefit, death benefit and cosmetic surgery benefit. Some insurance companies offer additional perks to promote sales.


Waiting period

The waiting period is the period between the first claim and the first payment from the insurance company. After the claimant has waited for the selected number of days, he will get monthly payments without any delays. Depending on the buyer’s choice, he can choose a waiting period between 14 days – 2 years. The waiting period has a direct effect on the cost of the policy and a shorter waiting period usually costs an additional premium.



There are basically two of policies and each type of policy has its own benefits. The first type of policy is an indemnity contract and the second type of policy is a value contract. By opting for an indemnity contract, the claimant will get a variable amount depending on his current income however, by opting for a value agreement the claimant will get a fixed amount that has been decided while he applied for the policy. A few companies offer a third type of income insurance policy that is similar to a value agreement policy.



Buyers should remember that there are other factors that can affect the cost of the income protection premium and these factors include but are not limited to age, gender, occupation, current health, pre existing health conditions and the type of premium selected. Buyers are offered a choice between two types of premiums that are levelled and stepped premiums. Levelled premiums are usually better for people who take an insurance policy for 15 years or more where as stepped premiums are better for people who are taking an insurance policy for a short time.

In addition, buyers can also select between a cancellable policy and a non cancellable policy. A non cancellable policy is ideal for people who do not want to worry about renewal problems after the insurance policy has expired since such policies are automatically renewed.


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