Income Protection insurance can provide a regular replacement income if someone is unable to work because of illness or injury. Typically, a policy pays out after they’ve been off work for a certain period (often called a deferred or waiting period) and can pay a percentage of their salary until either they return to work, reach State Pension Age, or if they die while claiming.
However, the employer (for Group Income Protection policies), or individual (for Individual Income Protection policies) can choose how long sickness absence lasts before payments start and the length of time they should be paid for. If an employee is able to return to work, but on a reduced basis which means they earn less, it may continue to pay out a reduced amount that takes the drop in salary into account.
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