Income protection is a type of insurance that pays you a regular income if you can no longer work due to an injury or illness.
WHAT IS INCOME PROTECTION?
Your income is probably your most important asset. It funds your whole lifestyle from what’s in your fridge to where you go on holidays. Your children depend on it from birth, right through to college and often beyond.
WHY DO YOU NEED IT?
An Income Protection plan pays you a monthly income if you are unable to work due to any illness, accident or injury. You can ensure you continue to meet your monthly mortgage repayments and household bills and maintain your current standard of living. It will continue to pay you an income until you are well enough to return to work, or if not, until your retirement age
- What would happen if your income suddenly stopped because of ill health?
- How long would your employer pay you if you were on prolonged sick leave?
- How would you and your family cope financially after that?
DO YOU KNOW?
If you are self employed you are not entitled to the State Illness Benefit if you are unable to work due to illness.