Income protection is an alternative way of income if you are unable to work temporarily due to illness or injury. It covers upto 75% of your income for a nominated period of time to help you look after your day to day expenses and household while recovering.
Often people think that the income protection insurance is only for high income earners. But the truth is income protection is a safety net to anyone who is working or earning livelihood and looking after families.
Couples and particularly parents suffer the most in the periods of unemployment due to illness or injury. An inability to pay the bills or credit card payment or mortgage is a huge stress particularly when you are unwell. Income protection insurance can give you that confidence and peace of mind that you’ll be taken care of financially. It’s even crucial for the self-employed with inconsistent monthly income to consider income protection to plan for the unforeseeable event.