Zusammenfassung der Ressource
Frage 1
Frage
What are the key characteristics of Income Protection (IP) insurance?
Antworten
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Pay an ongoing (income replacement) benefit in the event that illness or injury prevents the insured from earning an income from their occupation
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Are non-cancellable and guaranteed renewable
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Can be sold on a stand alone basis, through often they are included as a component cover in other policies
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Usually allow customers to insure up to 75 per cent of their pre-disability income
Offer the option of benefits on an indemnity basis or an agreed value basis at the time of application
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Cease paying benefits on the earlier of:
The insured returning to work, or
The expiration of a nominated benefit period