Definitions for "Income protection insurance"
A type of disability income coverage that provides an income benefit both, while the insured is totally disabled and unable to work and while he is able to work, but because of a disability, is earning less than he earned before being disabled. Also known as residual disability insurance.
Insurance designed to protect you if you are unable to continue providing for yourself or others. Income protection will not specifically pay off your mortgage, loans, private medical treatment or special needs that arise through disability. It will provide you with a regular weekly or monthly income if you become unable to work as a result of accident, sickness or disability. The amount of benefit that is paid out it is not linked to your mortgage or other loan payments, but your overall level of income.
Insurance often refered to as (ASU) Accident, Sickness, Unemployment. Also refered to as (PPI) Payment Protection Insurance. This type of cover is designed maintain vehicle payments in the event of an accident, sickness or unemployment