Income Protection

What would you do if you developed a long-term illness and were unable to go back to work? Have you made plans for your financial backup?

What if you have a mortgage to pay and a family to feed, but you're the sole money earner? How will you continue your lifestyle without your income?

Wouldn't it be great if your income was still coming into your bank account, even though you were not working? That's what income protection does for you at the time of claim.

Income protection will pay a monthly benefit into your bank account based on the policy that you chose to take.

There are two types of policies: Agreed Value and Indemnity Value.

Agreed Value Policy

If you choose this policy, you will need to provide proof of your income at the time of application. Based on the entire assessment, the insurance provider will agree to pay 55% of your wages on a monthly basis if you are unable to get back to work due to sickness or disability. The insurance provider will start paying this benefit after the waiting period selected in your policy. Generally, this policy suits people who are in self-employment or have their own business due to the volatility in their earning.

Indemnity Value Policy

If you choose this policy, you will need to provide proof of your income at the time of claim. Based on the entire assessment, the insurance provider will pay 75% of your wages on a monthly basis if you are unable to get back to work due to sickness or disability. The insurance provider will start paying this benefit after the waiting period selected in your policy. Generally, this policy suits people who are in fixed employment and earning a fixed salary; however, many employed people do prefer to go with Agreed Value Policy due to the volatility in their bonus and commission.

Waiting Period

The waiting period is an important part of your policy. Generally, with most insurance providers, the waiting period choices are four weeks, eight weeks, 13 weeks and so on. For example, when you select four weeks waiting period the insurance provider will start paying the benefit after four weeks on a monthly basis, based on the policy you chose. The most important factor is that the higher the waiting period you choose, the lower the premium you pay.

Call us today to discuss your income protection.

 

Income Protection

 

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