This insures you for a set level of income and will pay you until you can return to work or for the agreed period whichever is sooner. Income protection insurance covers most illnesses and injuries that stop you working either in the short or long term however it doesn t pay out if you re made redundant.
Formerly known as permanent health insurance income protection is an insurance policy that pays out if you re unable to work because of injury or illness.
Income protection insurance. Income protection refers to a family of insurance products which ensure you can continue to meet your financial commitments if you are forced to take an extended break from work. Income protection insurance pays you a benefit if you are unable to work for a period of time because of illness or injury. Income protection is designed to help you get back on your feet.
With our comprehensive income cover you can receive up to 75 of your average income over the previous 12 months up to 10 000 a month. Most people pay just a few dollars a day for income protection however coverage and prices vary. It pays a proportion of your lost earnings so you can concentrate on looking after your health.
What does income protection insurance cover. If you can t work because you ve had an accident fallen sick or lost your job through no fault of your own income protection insurance pays you an agreed portion of your salary each month. Income protection usually pays out until retirement death or your return to work although short term income protection policies which last for one or two years are also available at a lower cost.
Ntuc income is singapore s leading provider of life health travel car insurance as well as savings investment and retirement plans. Income protection insurance replaces lost income when you re unable to work due to an illness or accident. There are several types of income protection policy.
Income protection insurance also known as ip insurance supports you financially if you re unable to work because of injury or illness. Permanent health insurance phi not to be confused with private health insurance that covers medical costs. When you re ill or injured and can t work our income protection insurance is there to support you.
Phi means you can protect a portion of your income often 50 of your gross salary in the event of illness or an accident that means you re unable to work. If you re unable to work due to sickness or injury aami income protection is here to help. The website will be under maintenance and temporarily unavailable on 7 february 4 6am and 20 february 2 3am.
The premiums you pay for income protection insurance are generally 100 tax deductible.