Income Protection Insurance

Income protection insurance is a safety net if illness or injury stops you from working and paying bills. Think about how you’d manage your monthly expenses without your regular income.

If savings, sick pay, or benefits wouldn’t be enough, income protection could be a smart choice.

It’s not a matter of which is better, critical illness or income protection, but rather which one fits your needs.

Critical illness provides a one-time payout for a covered illness, while income protection offers a steady stream of income if you can’t work due to illness or injury.

Life insurance and income protection tackle different situations. Life insurance provides a financial safety net for your loved ones if you die. Income protection, on the other hand, replaces your income if you can’t work due to illness or injury.

Essentially, if you have dependents to support, life insurance is a must-have. If your income is key to maintaining your lifestyle, income protection becomes very important.

Income protection requires employment at the start (typically 16+ hours a week) because it replaces your income if you can’t work due to illness or injury, not unemployment.

However, if you lose your job but keep paying the premiums, you can still claim benefits if you become sick or injured while unemployed.

Income protection is a good fit for people whose careers are their main source of income. It’s like a safety net that catches you financially if you get sick or injured and can’t work.

It offers comprehensive coverage with different options to replace your income if you become unable to work due to illness or injury.

Feeling unsure? Please contact our team of expert advisors who can help you figure out the right coverage for your situation.