Income protection provides a regular income in the event that illness or injury leaves you unable to work. It is an important way of making sure that while you may lose the ability to work for a living due to illness or injury, you won't lose your income. This is especially important when you have increased financial responsibilities such as mortgages, dependents or a business.
It’s interesting how a lot of people are committed to maintaining car and house insurance payments. And yet, some of us don’t insure our ability to pay for those things. Your income provides you with the ability to pay for the things that are important to you. Are you protecting your greatest asset – your ability to earn?
Who needs it
An important consideration is… how long could you maintain your lifestyle without an income? It’s worth looking into income protection if your quality of life depends on your income.
Many people do not realise over two thirds of disabilities are caused by illness and consequently no ACC benefit is payable (AIA source Davis Financial and Actuarial 2005).
How much does income protection cost?
The following things influence premiums: occupation, age, gender, your health status, the level of required cover, the agreed waiting period and payment term. Our specialists can work out some options for you.