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Income protection pays out an income if you are unable to work due to an illness or injury.
You can choose the level of cover but depending on the provider this may be limited to a percentage of your gross salary or a maximum monthly payment i.e 50% or £6250pm
You can choose when the cover starts to be paid. This is known as a deferred period and can be 4, 8, 13, 26 or 52 weeks.
The benefit is normally paid until a specified retirement age, until you die or until you return to work, whichever is sooner.
The choices you make will depend on your circumstances but you can only have income protection in single names.
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