With an income protection plan you can provide financial peace of mind if you are diagnosed with a critical illness. In taking out insurance you can opt for short term income protection where income is typically covered from 12 to 24 months. Payments are made tax free - this type of cover is useful for covering essential bills.
Long term income protection will provide more comprehensive protection and will give you peace of mind that protection will last as long as you cannot work up to a specified age e.g. age 60. This cover is more expensive but gives you more time if you are out of action for a long period of time.
As well as covering bills through an income protection plan many insurance companies offer critical illness stand alone plans which will pay out a lump sum on diagnosis of a specified critical illness or condition.
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