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What is income protection?
Income protection is an insurance policy that could pay out a monthly amount to you in the event of you being unable to work due to sickness or injury. It covers all medical conditions including physical and mental, illness or injury. This would need to be signed off by a health professional.
How long do I need to be off work until it pays out?
When you take out an income protection policy, you will choose a deferred period. This is the amount of time you would need to be incapacitated before the policy would start to pay out. When choosing a deferred period, you will consider things such as your employer sick pay, savings, monthly outgoings and so on.
What is the monthly pay out used for?
The monthly pay out can be used however you wish. It is often used to covrt mortgage or rent payments, as well as other monthly outgoings.
Watch Elliot's guide to income protection on YouTube.