Indemnity Value Income Protection
With an indemnity policy, you are insured for what you say you earn, but on claiming you have to verify your income. If your income has reduced since you applied for cover, your claim will be paid on the reduced amount.
Agreed Value Income Protection
Agreed Value has an agreed-value policy, you prove your income at the time of applying and insure to receive a set amount. So regardless of changes in your income. The disadvantage is that these policies’ premiums are approximately 20 per cent higher than for indemnity contracts
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