Disability Income

Disability Income Protection (DIP) is a form of insurance that pays out in the event of an accident or disability, which prevents you from being able to work and earn an income. It is often referred to as income protection insurance and pays out a monthly benefit to help cover you and your family’s living expenses if you cannot work due to an accident or disability.

DIP can be taken out before an accident or disability occurs, so if you do become disabled, you can receive a monthly benefit rather than rely on your savings, or your family’s support. If you are employed, you may be able to take out an occupational disability insurance policy from your employer, which will pay out if you’re off work due to a disability.

When it comes to choosing a DIP policy, it’s important to consider factors such as the size of the benefit, the length of the benefit period and whether or not the policy covers pre-existing health conditions. It’s also important to understand what conditions are covered under the policy and what conditions won’t be covered.

The cost of the policy will vary according to the size of the benefit and the length of the policy. It’s also important to take into account the average amount of time people with a certain disability take off work, as this may affect how much the policy premiums cost.

DIP can provide a much needed income if disability strikes and can help to ensure that you and your family maintain a good quality of life. It’s important to carefully compare different policies and to make sure you understand the terms and conditions before signing up.