Some features of Income Protection will affect your benefits or premium significantly. Make sure you understand them.

Waiting Period

Waiting period is the period of time between the date you cease work due to illness or an injury and the date the benefits become payable.

For example, with a 30 day waiting period you would begin receiving payments after 30 days when you cease to work.

The shorter the waiting period the higher the premium.

Benefit Period

Benefit period is the maximum period of time your income will be payable while you are unable to work.

For example, with a benefit period to age 65, if you were unable to work due to illness or injury the policy would continue to pay you to age 65.

As income is so important to family finance, waiting period of to age 65 or 70 is selected by most people.