Why do I need Income Protection?
We don't usually think of our current income and future earnings as an asset. However, this is what pays for everything else - mortgage, bills, childrens' education, insurances and so on.
Income protection can cover up to 75% of your income in the event of an accident or serious illness if you are out of work for a lengthy period of time.
Income protection is another form of serious illness cover and is designed to provide people with income replacement in the event of serious illness or if you are unable to work for a specified period of time. This is particularly important for those who are self employed or people who are not entitled to a salary while off work. Tax relief is available on premiums paid subject to specified limits.
For further reading on the benefits of Income Protection have a read of some of our articles.