Income protection insurance is a form of long-term insurance that pays out a monthly income if you’re unable to work due to illness or injury. Income protection insurance can be taken out by individuals, couples and families. In this article, we’ll learn about what income protection is and whether or not you can use it while on sick leave.
What is income protection?
Income protection insurance is a type of life insurance policy that pays a monthly benefit to you if you are unable to work due to illness or injury. It’s important to have income protection because it can help ease the financial stress associated with being unable to work, especially when recovering from an injury or illness.
How does it work?
Your income protection will cover you should you be unable to work due to illness or injury.
This means that if you’re unable to work because of an accident or sickness, the insurance will step in and pay a percentage of your wages while you recover. This ensures that your quality of life doesn’t drop and that you can still cover any financial obligations during a period of illness or injury.
The amount of money paid out depends on your annual income as the monthly benefit is based on your earnings.
Can I claim income protection while on sick leave?
Yes, you can claim income protection while on sick leave (if you are unable to work because of illness or injury). You need to provide a medical certificate from your doctor. This will show the amount of time you’re unable to work and why this is the case.
It’s worth noting that you won’t receive payments through income protection right away following an illness or injury. It depends on your policy, but generally, you’ll have to wait around 4 weeks at least for payments to come through. You might also hold off on income protection payments if your employer offers sick pay during your time off.
Income protection won’t directly replace your earnings that you’d receive during your job.
Income protection is a great way to provide for your family if you’re not able to work due to illness or injury. It’s important that you understand the details of this type of insurance before making any decisions about it. We hope this article has helped you understand how income protection works, the different types available and whether or not it’s right for you!
If you’d like to learn more about income protection insurance, then get in touch with our team at WIS Business Protection today.
About WIS Business Protection
WIS Business Protection is the leading provider of insurance advisory and support services in the UK. We help individuals and businesses find the best deals on insurance products and provide expert advice on the most suitable cover for their needs. Our specialist team has a wealth of experience in the insurance industry, and we are passionate about providing our clients with the best possible service.