When can I claim under income protection?

You make a claim when you have an accident or become sick and you know you will be off work for longer than the deferred period you have set up. For example, if you have a deferred period of one month (so the insurance company does not pay until one month has passed) they then start paying you the monthly benefit after one month either until the policy term ends or you return to work. There are differing lengths of deferred periods typically one, two, three, six or twelve months. The longer the deferred period the lower the monthly premium. There are policies out there which pay out without any deferred period so ask you adviser which one suits you.