Income protection insurance (also known as salary continuance insurance), can provide you with a monthly payment (usually up to 75% of your income) if you are temporarily unable to work due to illness or injury.
The payment will continue until you can return to work, or up to the end of the benefit period you select. You can also nominate how long you want to wait before benefits are paid.
Income protection insurance can help you to meet your mortgage repayments and pay your bills, so that you can go a long way to protect your family's lifestyle and reduce your stress while you focus on recovering.
While both life cover and income protection insurance play a vital role in protecting your family, there are two other types of personal insurance that should be considered as part of a comprehensive financial plan:
?Total and permanent disability insurance can provide a lump sum if you suffer a total and permanent disability and are unable to work again.
?Critical illness insurance can provide a lump sum if you suffer a critical condition, such as a heart attack or stroke.
Find more about different types of insurance and choose a suitable option by visiting an insurance provider and adviser. Also, don?t forget to consider whether your partner has enough insurance cover.
But before you make any decisions, make sure you speak to your financial adviser to put together a protection plan that meets your specific needs and circumstances.
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