Income Protection

Income protection insurance is an insurance policy that will pay a person an income if they are unable to work for an extended period of time due to injury or illness.  It is a regular, tax free, monthly income that provides the policyholder with anywhere between fifty and sixty-five percent of their pre-tax salary.

Income protection plans are long term policies that go into effect after the employer ceases sick pay and continue until the policyholder can collect their pension or return to work. Short term plans (known as Accident and Sickness policies) usually run between one to two years and are designed to help pay a mortgage, bank loan, and other household bills.  They also cover unemployment and redundancy, giving the individual time to find new work.  There are exclusions and restrictions on both plan types.

For more information about income protection, the costs and the options, please contact your PK Group Advisor.  Or, if you have not dealt with us before, please do get in touch and one of our consultants will be happy to assist.