What is it?

 

What if you get hurt or sick and can't do your job anymore? How will you pay your bills and expenses? That's where income protection comes in. It gives you a regular income if you can't work in your occupation because of an injury or illness. You can rely on income protection even when your sick leave entitlement has run out. 

 

How does it work?

 

With income protection, you can insure yourself up to 75% of your regular income. This means that if you have an accident, illness, or mental health condition that prevents you from working, your income will be replaced until you're ready to get back to work. How cool is that?!

 

Now, of course, there's a waiting period before you start receiving your monthly benefit, but the great thing is that you get to choose the waiting period that suits you. It can be anywhere from 2 weeks to 52 weeks, and our team at Arcadia is always here to help you choose the right waiting period for your needs.

 

The monthly benefit will continue for the duration of the benefit period or until you get back to work, whichever comes first. Again, you get to choose the benefit period that suits you best, whether that's 2 years or until you turn 75. Our advisers will help you choose the perfect benefit period for your situation.

 

Overall, income protection is a fantastic way to safeguard your financial wellbeing in case you're unable to work due to an unexpected event. With the right waiting and benefit periods in place, you can have peace of mind knowing that you're covered no matter what.