The loss of any income can have a serious impact on the standard of living of a household. Income protection policies are designed to protect your income by paying a monthly benefit. The benefit can be paid under the following circumstances;
Incapacitation extending longer than the deferred period.
Diagnosis of a terminal illness (life expectancy <12 months)
Spouse, civil partner or child suffer from an illness or injury that impacts their everyday life for more than 3 months.
You spend more than 6 consecutive nights in hospital
You suffer from a traumatic illness or injury
On the death of the life assured
The monthly benefit is paid after the deferred period. The deferred period is the number of week following your incapacitation; this can range from 4 weeks to 52 weeks.
Incapacitation is based on;
‘Own Occupation’ being your ability to do the job you were doing before you were incapacitated
‘Suited Occupation’ being the kind of job you could do
‘Work tasks/daily activities’ being the things people need to do during daily life
The type of work you will determine which definitions of incapacitation apply to you.
EFPG can offer protection products from a number of partners and we would advise upon the most suitable provider according to your circumstances.