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Glossary · Insurance

Income protection

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Definition: Insurance that replaces part of your income (usually 50–70%) if you cannot work due to illness or injury, until you can return to work, retire, or the policy term ends.

Differs from critical illness cover (lump sum on diagnosis of a listed condition) and short-term accident, sickness and unemployment (ASU) cover. Deferred periods of 4, 13, 26 or 52 weeks affect the premium.

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