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What Is Income Protection?
Income protection is a simple, tax efficient and inexpensive plan that provides you with a source of income if you are unfortunate enough to be out of work because of illness or injury and suffer a loss of earnings as a result. We can help you decide how much of your income you need to protect and compare all your income protection insurance options to choose the best one for you.
What Is Deferred Period?
This is the amount of time you have to be off work continuously, due to illness or injury, before your income protection benefit starts being paid. This is called the “Deferred Period”. You can choose a deferred period of 4,8,13,26 or 52 weeks.
You can match this time to suit your personal circumstances, for example: it could be based on your employer’s sick pay rules, so you would choose your deferred period to match the amount of time your employer will provide sick pay, so as soon as your employer’s sick pay ends your income protection benefit would start. Or it could be driven by cost. The length of the deferred period you choose will impact the cost of your policy. The longer the deferred period, the lower your monthly premium. For additional flexibility, you can choose two deferred periods within your policy.
For example: you can choose to provide a certain amount of income protection benefit after shorter deferred period and a higher income protection benefit amount after a longer deferred period. This may be useful in order to best match employer sick pay scheme or to help reduce the overall cost of cover.