Income protection insurance pays you a regular income if you can’t work because of sickness or disability and continues until you return to paid work, retire or death.
The amount of income you are allowed to claim will not replace the exact amount of money you are earning before you had to stop work. You can’t claim income protection payments straightaway if you fall ill or become disabled. You usually have to wait a predetermined period varying from 1 week – 12 months. This is known as a deferred period.