You take out insurance for your car, your phone or when you travel overseas but what about insurance for your most important asset – your income?
Income protection insurance, also called salary continuance, provides a payment for up to 75% of your salary should you be unable to work due to sickness or injury.
If you are unable to work for an extended period, having income protection in place means that you can:
- Keep your lifestyle intact as you will have funds to cover your ongoing living expenses and lifestyle choices, like rent or mortgage payments, utility bills, and education, food, recreation and holiday expenditure.
- Focus on getting better without having to worry about ongoing expenses as well as contribute to any rehabilitation or medical expenses that may arise from your illness or injury.