Just because your health suffers a setback, your financial wellbeing doesn’t have to. When illness and injuries leave you unable to work, income protection protects your greatest asset: your ability to earn.
Contrary to popular belief, you cannot rely on accident compensation in all situations. It is available to some – albeit at modest levels – to cover personal injury only. What’s more, you are more likely to be disabled by illness than by accident.
Income protection provides you with a regular monthly payment, the maximum insurance companies will generally insure is up to 75% (indemnity contract – taxable) or 55% (agreed value contract – non-taxable) of your annual income. Various combinations of waiting and benefit periods apply.