Income protection insurance pays you a lump sum benefit of up to 75% of your gross income if you have become unable to work due to an illness or accident. It is especially designed to pay or provide you with a steady income stream every month so that you can focus more on the most important thing – your fast recovery.
Income protection can help you with a lot of things which include:
- Maintains your basic household lifestyle
- Takes care of daily expenses, such as bills and food
- Helps pay the rent or costs of maintenance costs
- Helps meet mortgage and other debt repayments
- Income replacement is flexible and can be tailored to fit your personal circumstances. Its premiums are generally tax deductible, but payments paid are taxed.