What is Income Protection?
If you were off work due to being really sick or you had injured yourself whilst driving, how would you pay for your expenses without income coming in? You may have some sick leave and annual leave saved, but this is paid by your employer, which will eventually stop if you’re not working. Income protection insurance will cover you and replace your income up to 75% if you are partially or totally disabled.
How much does income protection cost? This is determined by a variety of factors including:
– Your Age
– Smoking Status
– Hobbies like scuba diving, flying planes, sky diving, and motocross racing.
The premiums for income protection are generally tax deductible, however, you’d need to speak to your accountant to provide further information.