Income Protection Insurance Income protection insurance protects the policyholder if his income is lost due to illness, accident, or unemployment. Not only can lost wages be protected under income protection insurance, but mortgage and other payments can be made to protect the policyholder’s credit rating if he finds himself without work. Income protection insurance is not designed to provide income to the policyholder for the rest of his life. Indeed, there is usually a six-month or twelve-month limit on benefits received from income protection insurance. Policyholders who are looking for lifetime protection from catastrophic illness or injury should investigate critical illness insurance rather than income protection insurance. A person can’t get income protection insurance when he hears he will soon be terminated from his employment, and expect the insurance to cover him immediately. Indeed, although most income insurance policies take effect immediately in the case of injury or illness, there is generally a 120-day waiting period after the policy is signed before unemployment is covered. Even then, the income protection insurance policyholder should not expect benefits to be paid until at least thirty days after he files a claim. Quelle "Income Protection Insurance" : General Main page for "Income Protection Insurance"