Income protection insurance, also know 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.
MC Mortgage Solutions highly recommend having income protection insurance. Give us a call today and we’re happy to point you in the right direction.
MC Mortgage Solutions would love the opportunity to discuss your circumstances with you. Whether you have found a house or are just in the planning stages it's never to early or late to make sure your finance is right for you.Book an appointment