Income Protection FAQs

Income Protection is a monthly payment designed to replace a portion of your income in the event that you're unable to work due to serious injury or illness.

Most of the policies on our website are designed to cover 75% of your income, however you can insure a lower amount if you like, to keep your premiums down.

The usual options available with most insurers are 2 years, 5 years, until age 65, or until age 70. Choosing a payment period of 5 years means that you'd receive claim payments for a maximum of 5 years. If you choose a "till age 65" payment period, your payments would continue until you reach age 65 (as long as you're disabled during that time). If you are wanting to keep your premiums at a more affordable level, you could choose a shorter payment period.

Your income protection payments won't start until after your Wait Period. You choose the waiting period (though there is often a minimum of a month). The waiting period that's right for you depends on your situation and how long you could realistically get by without an income (for example do you have savings or an emergency fund you could use to tide you over?).

If your income changes, it's best to revisit the amount you have insured and check if it still matches your situation.

Yes. These vary depending on the plan, however a typical list of exclusions might include self-inflicted harm, criminal activity, pregnancy or complications thereof lasting fewer than 90 days after the birth. Please check the policy documents for more details.

This is based on a range of things. Some are to do with your situation (for example your age, gender, occupation, and health). Others are to do with the actual policy options you choose (for example your insured amount, Wait Period, and Payment Period).

The income protection plans on LifeDirect are all tax deductible, and the claim payments that you receive are taxed as income.

The most common payment options are Direct Debit or Credit/Debit Card, and these are the two options available through our website. However, with some insurers there are other methods available (e.g. annual cheque), so please let us know when you apply if you'd like to choose a different option.

Not until after your application has been assessed and accepted. If you choose to pay monthly (by Direct Debit or Credit/Debit Card) then you can usually select the day of the month that you'd like you premiums to come out.

If you stop paying premiums, after a period of time (usually three months) your cover will end. If you ever need to change your payment details (e.g. you change bank accounts) just contact us and we'll get it sorted.

LifeDirect is here to help. If you think a claim might be needed, please contact us straight away. We will then contact your insurer and get the claims process underway.

For new insurance applications, there are no Covid-19 vaccination related exclusions placed on policies with any of the insurance companies we work with. If, in the future, insurers decide to apply Covid-19 vaccination exclusions to any of the policies offered, the information will be made available to you up front so you can make an informed decision.

If you have existing insurance cover, Covid-19 vaccinations will not have any impact on your policy. Your insurance terms were decided at the time you took out the cover and these cannot be changed.