What is Income Insurance

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income-ins-imageProtecting Professionals In Times Of Need

Could you support your family if you were injured and needed to take several months off work? Income protection insurance, also known as salary continuance, can help you manage your expenses if you are unable to work for a certain amount of time.

But how do you know if you need income protection insurance? Income protection insurance replaces the income lost through your inability to work due to injury or sickness. It is an important consideration for anyone who relies on an income. It is especially suitable for self-employed people, small business owners or professionals whose business relies heavily on their ability to work. In other words, almost every professional benefits from this kind of insurance. Some businesses might offer it as part of an employer’s salary package, but it’s worth investigating the specifics of that policy before deciding whether to take out your own policy instead.

Each income protection policy has its own definition of disability and range of benefits. Income protection usually offers cover for up to 75 per cent of your gross wages for a maximum time period (e.g. 2 years or to age 60). However, if you have specific needs, then you should consider talking to a broker, such as Professional Insurance Brokers. We understand that people like to have options on policies, and we’re keen to get to know you so that we can help you find the policy that is right for you. Contact us today to start the conversation.