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 if you are sick or injured.
When purchasing income protection, consider what other types of life insurance you need as well, such as life cover and total and permanent disability cover.
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.
Each income protection policy has its own definition of disability and range of benefits. Income protection usually offers cover for up to 75% of your gross wages for a maximum time period (e.g. 2 years or to age 60). Income protection policies may be stepped or level, make sure you understand what sort of policy you are getting.
Protecting your income is something you cannot do alone, however, we here at Melbourne Finance Brokers are here to help you protect what is rightfully yours.
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