| If you are ill or injured for a prolonged period and are unable to work,
this type of plan will replace a proportion of the income you received before
becoming ill. Income Protection Plans of different providers vary as to
the amount of cover you are allowed to take (usually between 50% and 65%
of your gross yearly earnings, often with a maximum). The benefit is paid
out: until you return to work, or up until the age you have selected cover
to end, or you die, whichever happens first. You choose the amount of benefit
you require and how soon you need the benefit to be paid after you make
a claim. This is called the 'deferred period'. Standard deferred periods
are 4, 8, 13, 26, 52, and 104 weeks. This allows for any period when you
expect some other income, perhaps from your employer or benefits from the
State. Generally, the longer the deferred period, the cheaper the premiums.
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