Income Protection Insurance
Protect your income and lifestyle
Income Protection Insurance pays you a specified amount typically 62.5%-75% of your regular income if you become sick, injured, or disabled and as a result are unable to attend work. Income Protection protects your lifestyle and finances even though you are not in a position to work and earn regular income.
Why you should have Income Protection Insurance?
Income Protection Insurance provides you the following advantages thus easing the financial stress on your family:
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Pay your expenses – sickness, injury, or disability may affect your earning ability. Income Protection Insurance can help you pay the mortgage instalments, rent and other living expenses in order to reduce the financial burden on your family, particularly once sick leave and savings run out.
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Regular Payments for a defined period – Your insurance company will pay you 62.5% – 75% of your regular income for a specified period which typically start from 2 years to age 65 / 70 . Your payments can start in as little as 4 weeks from the time you lodge a claim.
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Protect your business – If you are self-employed you can protect your regular business income for up to 75% and use the pay-outs to cover your business expenses or hire someone to run your business while you’re focused on recovering.
How much Income Protection Insurance is sufficient?
To ensure you have sufficient insurance to cover yourself and your family in the event of a disability, sickness or injury, you must take income protection equal to 75% of your monthly regular income or salary.