What is Income Protection?
Income protection insurance will protect you against a loss of your weekly wage. Most income protection will cover up to 75% of a weekly income. There are variations in the waiting period for this payment between two weeks to eight weeks.
Why use Income Protection?
You will need a level of Income Protection to be able to have peace of mind. If you were for one reason or another unable to work, Income Protection will pay you up to 75% of your weekly wage. This leaves you to meet your financial requirements whilst dealing with the situation that has prevented you from working.