Income
Protection
This
form of life insurance (also known as "Personal Accident and
Sickness" insurance) pays a regular income to the insured person
who is unable to work because of illness or injury. As with Critical
Illness Cover, Income Protection cover can be expensive. Indeed,
in certain cases is can be very difficult to obtain (for instance
if your occupation is deemed to be high risk).
If you were
unable to work due to accident or illness then the UK state benefit
may not be enough to pay your bills and mortgage.
If you are unlucky
enough to be unable to work due to accident or illness then Income
Protection Insurance will pay a regular defined amount.
The amount paid will depend on the amount of cover that you have
selected and the income protection insurance premuims will be calculated
based on your occupation, benefit required etc.
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