Benefit Period

The benefit period refers to the length of time the insured will receive the monthly benefit payments of their income protection insurance policy. This will typically depend on the lender and the actual benefit period elected by the insured during the application process. The period may last up to two years. When this ends, the benefit payments will end as well. The period elected will also affect the premium costs, with longer benefit periods costing more than shorter ones.

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Important Information

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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.