Income Protection

While life insurance cover will provide benefits to your family upon your death, what happens if you can't work because of illness or an accident and it's going to take months to recover?  Or maybe you can never work again and you've got school fees to pay, and a mortgage to meet.  Income Protection is paid in place of your regular income if you become too sick to work.

This is when you need income protection insurance, sometimes known as disability insurance.  Your capacity to earn income over your working life is one of your biggest assets.  It needs protecting.  This is more so, given that at the age of 35 you are 10 times more likely to be disabled than die.  As useful as death cover is, it will not assist if your are disabled and cannot work.

Income Protection will pay a monthly benefit of up to 75% of your Pre-Tax income (maximum amounts apply).  There are a range of options that can be considered to provide you with peace of mind.  Your premiums are generally tax deductible.