Income Protection
What is income protection?
Income protection provides you with a monthly or yearly income
while you are temporarily unable to do your occupation.
Example:
An injury that occurred keeping you confined to a bed for
two months or more, heart problems, different illnesses, or
any temporary injury, operations, faulty pregnancy, illness
that will keep you from working for a certain period of time.
Why income protector?
You never know when a small injury can keep you out of work
for a period of time, whilst you are unable to be mobile and
do your job, you have expenses running. Your lifestyle comes
to a pause if you are not able to provide an income, but the
Mortage, cars, insurance, utility bills, cash flow does not.
What will happen if you are an owner of a business or self
employed? Nobody runs the system better than you.
In some cases minor injuries can lead to several operations
and your medical aid, hospital plan can easily be dried out.
You have responsibilities towards yourself by making provision
incase such an event takes place at the most unwanted time-trust
me they usually do!!
How much is enough income protection?
There are certain terms and options to choose from on an income
protection plan. It is important to look at what amount and
for how long your employer will contribute and f towards your
temporally disability or illness. Based upon that you will
be able get an estimate. Go and revise your monthly budget
and take in account all the things that you won’t be
able to pay should an unforeseen event happen, things like
credit cards, utility bills, food, additional transport and
some of your most important overhead costs etc.
Affordable income protection:
The affordability on Income insurance policy’s, depends
on your gender, age, occupation, current health status, personal
risk profile, what the waiting period on the claim will be
and for how long you want the cover for. Remember that income
protection provides for monthly and yearly expenses while
temporarily disabled.
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