Income Protection Insurance

Q: If the major breadwinner in your family lost their income for an extended period due to an illness or accident how would your family cope financially?
A: In most cases families couldn’t continue to pay the mortgage, not to mention normal living expenses and the probable increased cost of care!!!

Your income is your biggest asset and without it most families would struggle financially. Income protection cover allows you to replace up to 75% of your gross annual income, payable monthly in the event you are unable to work due to illness or injury. The cover is available to all who work more than 30hours per week, though the cover available can vary based on your occupation.

Many people are also under the assumption that this cover is only suited if you are self-employed as employees are covered under the Workers Compensation Act. This is a dangerous line of thinking as whilst workers compensation covers your income in the event you sustain an injury at your workplace it does not cover injuries outside the work place, nor does it cover illness, where most work time is lost.

We all rush out and insure our car, home, contents, however we usually neglect our biggest assets, our incomes and ourselves. Premiums on income protection policies are also tax-deductible.

Click here if you would like a quote or more information.