Income Protection Insurance
Income protection insurance is one way of helping you secure your income against the possibility of being out of work for an extended period of time, due to sickness or injury.
However, it can offer far more than just standard income protection cover, as with many of the products available you can add optional extras for even more peace of mind.
Have a income protection insurance plan
An income protection insurance plan is designed to pay a regular income if you are unable to work due to sickness or accident.
You can generally insure up to 75% of your monthly pre-tax income. Your income protection insurance will payout if you have an accident or illness that prevents you from working.
You can choose when it commences paying – from a couple of weeks to several months. The longer you have as a waiting period, the cheaper your premium. Income protection insurance premiums are also tax deductible.
So many people insure their assets like their home and car, though most people forget to insure their most valuable asset of all – their income. What would happen if you had no income? Most people would be in serious trouble with less than three months income in the bank.
If you and your family rely on your income for financial security, then income protection insurance is something that you should consider.
Just think what would happen if you were sick or injured and unable to work for an extended period. Income protection insurance helps you to secure your income to help cover bills and expenses while you're unable to work.
It can provide peace of mind for you and your family allowing you to rest, recover and get back to work.
Contact Morgans Milton for more information or use our online Lifequotes facility.