Unfortunately nobody can predict the future but we can try and help cushion the financial blow if you were to become ill or if an accident was to happen with an income protection policy.
Generally an income protection policy benefits are based upon the applicant’s gross monthly income so this would be the amount that they would apply for when looking at this type of policy. If the applicant was receiving any benefits or had any other insurance polices in force these will need to be disclosed at the time of application as they may affect the amount of benefits payable to the individual in the event of a claim.
Income Protection Insurance have a deferment period on them, which is a period of time for example one day, one week, four weeks, thirteen weeks, twenty six weeks, fifty two weeks etc where a claim and benefits of the policy will not be paid out.