If you are injured or ill and unable to work income protection will pay you a maximum of 75% of your gross income. Income protection shall start paying you after you have completed the waiting period elected on your policy at the time cover was taken out. No benefit shall be payable for or during the waiting period.
For example, if you have a policy that carries a waiting period of 30 days and pays you until you are 65 years of age this is how it works. Lets say you are sick for 60 days in total. The first 30 days you do not receive a benefit, the second 30 days you receive a benefit equal to your coverage. Waiting periods can be for 14 days, 30 days, 60 days, 90 days, 180 days , 12 months or 2 years. Benefit periods can be for 2 years, 5 years and generally to age 65.
At WRS we have the tools to be able to determine which policy is best for you. We consider such variables as your occupation, age, smoking status, pastimes and income level to determine the best insurer for you. We can then use our database to tailor a product that fits your needs. Income protection is also a tax deductible expense and is a lost leader product for the insurers. It is among the most claimed upon and paid personal insurances.
At WRS we are committed to assisting our clients in obtaining income protection cover. This said, we can not guarantee that it shall be available to you. Factors such as pre-existing medical conditions, age and occupations all play a role in being able to secure income protection insurance.