The ability to earn an income is an important asset. An injury or sickness that prevents you from working can have a significant financial impact, both short term and long term. Income protection insurance aims to minimise this financial impact of sickness or injury by replacing income lost during a prolonged absence from work.
Income protection cover can replace up to 75% of your monthly income if you cannot work because of injury or sickness. This money can be used to cover your bills and day to day living expenses while you recover.
Most of the Income protection claims are paid for Musculoskeletal or MSDs conditions, Mental health disorder, cancer related conditions, accidental injuries including fractures, Nervous system disease, Heart attack, respiratory system disease, Stroke, and other circulatory system disease.
When we asked a question to one of our clients that why she needs income protection cover? Her answer was; that I’m single, I’ve just bought a house and I’m still paying off my car. If I get injured or fall sick, I want to make sure that my income is protected so I can continue making all the repayments.
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