Income Protection

This provides income where you are ill or injured, and as a result your income through employment or your normal route stops. If Houseperson’s cover is included, then it will pay out upon illness or injury, irrespective of any income stopping.

It is designed to replace most of your net income.

Cover lasts for either a set term in whole years, or to a given age (typically your state retirement age). The amount you pay is called the premium. It can either be guaranteed not to change, or it can be reviewable. Reviewable cover normally changes based on the claims experience of the life assurance company.

The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.