What would happen to your lifestyle if you could no longer work due to serious illness or accident?
What would you do to cope financially if you got an illness that meant you needed a long period off work?
Income protection is an important aspect of planning, as it will provide you with replacement income in the event of a short or longer term disability.
Not everyone is entitled to employer sick pay schemes and so without Income Protection people with regular monthly outgoings such as a mortgage risk their financial stability being turned upside down should they ever get a long term illness or have a serious accident.
Income Protection provides you with a regular source of income should you be unable to work for a period due to sickness or injury. You can generally insure for up to 75% of your earned income.
With Income Protection there are a number of options relating to the waiting period and benefit period to choose from. The waiting period is the time you must be off work consecutively before you are eligible to lodge a claim, while the benefit period is the length of time the benefit will continue to be paid.
There are lots of different features and benefits to an Income Protection Plan, so please contact us today to speak with one of our experienced agents to help you select the right option for your needs.