1. Replacement of lost income:
Income protection provides you with a regular income stream if you are unable to work due to illness or injury. This can help you maintain your lifestyle and cover your ongoing expenses, such as mortgage payments, bills, and other financial commitments.
2. Peace of mind:
Knowing that you have a safety net in place can provide you with peace of mind. You don’t have to worry about how you’ll manage financially if you’re unable to work due to illness or injury.
3 Flexibility:
Income protection policies are flexible and can be tailored to your individual needs. You can choose the level of cover you require, the waiting period before payments start, and the length of time payments are made.
4 Tax benefits:
Income protection premiums are usually tax-deductible, which means you can claim a tax deduction for the cost of your policy.
5 Early intervention:
Some income protection policies offer early intervention services, which can help you access treatment and support early on. This can improve your chances of making a full recovery and getting back to work sooner.
6 Protecting your future:
Having income protection can protect your financial future by ensuring that you have an income stream even if you’re unable to work due to illness or injury. This can help you maintain your standard of living and protect your savings and investments.
FAQs:
How much does income protection insurance cost?
The cost of income protection insurance varies depending on factors such as your age, occupation, income, and the level of coverage you choose. It’s important to compare policies and get quotes from multiple providers to find the best option for your needs.
Can I get income protection insurance if I’m self-employed?
Yes, self-employed individuals can benefit from income protection insurance. In fact, it’s especially
