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income protection
Income protection insurance (also known as salary continuance) is designed to provide a regular income in the event that you are unable to work due to sickness or injury. Generally, income protection insurance provides a regular income during a period of disablement for up to a pre-determined and agreed benefit period. The benefit amount payable is up to 70% of your income. Factors to be aware of: • The shorter the waiting period and the longer the benefit payment period, the more the insurance will cost.• Income protection insurance is important when borrowing to invest (gearing), as it can help meet interest payments if you are unable to work due to illness or injury.• You should ensure your insurance cover is adequate for your needs. Under-insurance can present a serious problem.