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Types of income protection policy

The insurance industry can confuse customers and itself with the titles it gives to types of policy within the wider definition of Income Protection Insurance. The narrow definition of Income Protection Insurance only applies to products, which pay you an income if you become unable to work due to sickness or injury.


We are following consumer logic by including within Income Protection Insurance, other products which the industry calls Mortgage Payment Protection Insurance, Payment Protection Insurance, and International Income Protection. To add to the confusion, other commonly used names for income protection are; Permanent Health Insurance (PHI)-which was used in days before the Income Protection name was used, Income Replacement Insurance, or Long Term Disability Insurance


Policies to protect mortgages, loans or credit card debts are frequently called Accident Sickness Unemployment (ASU) policies.


Insurers themselves often confuse it further by using product names like " Protection " which can include income protection, critical illness, life and other products.


We will guide you through the maze.