Income Protection
Income protection policies are designed to cover a wide range of circumstances that can prevent an individual from working, including accidents, illnesses, and disabilities. Depending on the policy, income protection may cover short-term absences, such as those caused by a broken bone or minor illness, or long-term absences, such as those caused by a chronic condition or serious injury.
The amount of income provided by an income protection policy is typically based on a percentage of the policyholder’s pre-tax income, with policies typically covering up to 75% of their earnings. The policyholder can choose the level of cover they require, and the premiums they pay will reflect the level of cover selected.
Income protection policies are generally available to anyone in full-time employment, regardless of their age or health status. However, some policies may have restrictions on pre-existing medical conditions or may require a medical examination before coverage is approved.
Accident Protection
Accident protection policies are designed to provide coverage for a wide range of accidents, including slips and falls, car accidents, sports injuries, and other unexpected events. These policies are typically designed to provide a lump sum payment in the event of an accident, which can be used to cover medical bills, lost income, and other expenses related to the accident.
The amount of coverage provided by an accident protection policy can vary depending on the policy and the level of coverage selected. Some policies may provide a set amount of coverage, while others may provide coverage based on the severity of the accident or the amount of medical bills incurred.
Accident protection policies are generally available to anyone, regardless of their age or health status. However, some policies may have restrictions on pre-existing medical conditions or may require a medical examination before coverage is approved.
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