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Income Protection can provide you with a regular monthly income if you suffer a loss of earnings due to ill health or accidental injury. This benefit will pay a proportion of your income, and is designed to help support you financially whilst you are unable to work, or for a fixed period of time.
Income Insurance policies are designed to payout until you go back to work, however, if you are interested in this type of cover but can't afford to take full Income Protection there is a default option which will pay out for up to two years only which is cheaper with a lower monthly premium.
Income Protection policies are designed to last for as long as you're in employment, and because retirement plans vary you can decide at what age you'd like your policy to end. As long as you keep paying the premiums the benefit will remain in force, however it is worth noting that these types of policies have no cash–in value at any time.
Many Income Insurance policies also give you access to added value services and benefits, some of which may be automatically included and others may be at an extra cost.