Income Protection

Income Protection
Income protection insurance (also known as salary continuance) is designed to provide a regular income in the event that you are unable to work due to sickness or injury.
 
Generally, income protection insurance provides a regular income during a period of disablement for up to a pre-determined and agreed benefit period. The benefit amount payable is up to 75% of your income.
 
Factors to be aware of:
 
• The shorter the waiting period and the longer the benefit payment period, the more the insurance will cost.
 
• Income protection insurance is important when borrowing to invest (gearing), as it can help meet interest
  payments if you are unable to work due to illness or injury.
 
• You should ensure your insurance cover is adequate for your needs. Under-insurance can present a serious problem.