Not many policyholders would have been able to to claim on their income protection policies as a result of the impact of Covid-19. However, many would. It would depend on how they structured the payment of the policy benefits when setting up the policy.
Income Protection insurance is extremely flexible in allowing the policy holder to determine the amount of cover, when the benefits are paid and for how long they are paid. This enables the cost to be managed to fit into the family budget.
The current crisis will have brought home to any people the need to have the ability to pay all their important monthly expenses if their income should disappear. Which? has produces a comprehensive guide that tells you all you need to know. It is worth a read – click here.