2 year benefit period

A 2 year benefit period means that once your waiting period is over you will be paid your insured monthly benefit for a period of 2 years if you are off work due to illness or injury for this period.

Advantages

  • The premium is cheaper than longer benefit periods.

Disadvantages

  • If you are off work for longer than 2 years the benefits will not be paid once the benefit period has expired.

Why a 2 year benefit period is recommended

  • You want the cheapest premium available;
  • You want to have some income protection insurance but cannot afford a long benefit period;
  • You only intend on working for the next 2 years, therefore only require a shorter period of time to be insured;
  • To avoid having overlap covers as you already have an income protection policy which has a 2 year waiting period and a longer benefit period; and/or
  • This is the maximum benefit that the insurer can offer due to your occupation.
The Dover Group