How long should you insure for?

Short Term Income Protection Policies are renewed annually. So you really only need to plan one year ahead.

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What is Short Term Income Protection Insurance?(Also known as Accident Sickness and Unemployment Insurance)
Short Term Income Protection Insurance pay a tax free monthly income for up to 12 months if you were off work due to sickness, accident, or unemployment.
Will Short Term Income Protection Insurance pay out immediately you make a claim?
You have to be off work for 30 days before you can make a claim but the income is then backdated to the very first day you were off work.
How much should you insure for?
Most people get enough income protection insurance to cover their fixed monthly bills plus sufficient for day to day living expenses.
How long should you insure for?
Short Term Income Protection Policies are renewed annually. So you really only need to plan one year ahead.
Should you insure for accident and sickness or accident, sickness and unemployment?
The Short Term Income Protection Insurance Burgesses offer gives you the option of insuring yourself for:
With annual policies you simply renew the policy each year. Your insurer will write to you before your renewal date to obtain your confirmation that you wish to continue the policy.

Incidentally, income received from insurance policies is not taxable

Frequently Asked Questions related to the above topic.
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