What is a monthly benefit?
A monthly benefit in income protection insurance is the regular payment you receive if you are unable to work due to illness or injury and meet the claim eligibility criteria. This benefit typically provides up to 70% of your pre-tax income, helping you cover essential living expenses, such as bills, mortgage payments, and day-to-day costs, while you focus on recovery.
The monthly benefit starts accruing after the waiting period and is paid in arrears (usually every 30 days). Payments continue until you return to work, no longer meet eligibility criteria, reach the policy’s benefit period limit, or your policy expires.
