Income Protection Plans or Permanent Health Insurance pay out a very little percentage of your gross monthly income, tax free, until you can return to work. This will let you to make up for your mortgage payments and other liabilities that you may have. With this way, you can will have surplus amount of income that otherwise would haven't been possible. The premiums paid by you are influenced by your occupation, age, state of your health and the length of your waiting or "deferred" period. This is the time period between your illness period or an injury and the first day when your claim benefit commences. The Insurers offer deferred periods of 1, 3, 6, 12 or even 24 months. Deferred period is inversely proportional to the cost to you. The longer the deferred period the lower the cost to you. The policy lives upto your selected age that can be your retirement date. Once you start receiving the payments, they continue till the day you return to the work or your selected age. As such there is no limit of many times you can make claims, so if you suffer from many separate illnesses you are still covered.
started by darren scott on 22 Sep 10
The premiums paid by you are influenced by your occupation, age, state of your health and the length of your waiting or "deferred" period. This is the time period between your illness period or an injury and the first day when your claim benefit commences. The Insurers offer deferred periods of 1, 3, 6, 12 or even 24 months. Deferred period is inversely proportional to the cost to you. The longer the deferred period the lower the cost to you.
The policy lives upto your selected age that can be your retirement date. Once you start receiving the payments, they continue till the day you return to the work or your selected age. As such there is no limit of many times you can make claims, so if you suffer from many separate illnesses you are still covered.