An Income Protection policy can cover your mortgage, rent payments and other household bills. You can buy cover to protect your income if you have an accident or become ill and cannot work, if you become unemployed, or to provide full cover for accidents, sickness and unemployment.
The terms and conditions under which you can claim differ with every policy, so you should always check them very carefully. The Benefit period is the length of time you can claim monthly payments for, and these vary for each policy. You can select the time period you want to be covered (1 year, 2 years etc) but the longer you want the cover for, the more expensive the premiums will be.
There is also an Exclusion Period, sometimes known as an Excess period. This is the time you have to wait to start receiving benefits from the policy after you have become ill, had an accident or become unemployed. Again, this can vary from having no exclusion period to 30, 60 or 90 days. In some instances, this can be even longer.
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