If you are young, single, married and dependent on a regular income

If you are young, single, married and dependent on a regular income. You probably have debts, a home loan, car payments to make, school costs and regular bills to pay, Income Protection Insurancemight be the most important form of insurance you'll ever use and in most cases it is also tax deductible. Incone Protection Insurance is meant to maintain income coming in, month after month, year after year on a regular basis while you are ill or injured
Income Protection Insurance supplies you with a regular income stream should you suffer an illness or injury and be not capable to work. Your insurance policy will likely pay a monthly sum of up to 75% of your gross wage for an fixed period or until you are well and able to return to work. It is offered with both a benefit period (the maximum period of payment) and a qualifying period (how long you wait for the first payment).
Keep in mind that not all income protection policies are the same. The varying benefits, features, options and even definitions have an effect on the costs dramatically. The combination of individual information, your agreed benefit period and agreed qualifying period will also have an effect on the cost of income protection cover. As a guide, income protection can cost in the region of one week's salary per year (and can be tax deductible in qualifying countries).
Total and Permanent Disability (TPD) Insurance provides you with an agreed lump sum in the event that you become totally or permanently disabled for the duration of the term of the TPD insurance policy.
A disablement that prevents you from making a regular or substitute income can put a enormous financial burden on your family unit and lifestyle. The extra expenses associated with adjusting and managing the disablement adds to this financial stress.
Remember that your TPD insurance requirements will be different over time and should
It is important to note that Income Protection and Workers Compensation are quite different. Workers Compensation covers the costs where the injury was suffered at work. Income Protection provides you by way of a regular income stream for an injury or illnesses that are unrelated to your work.
Your Income Protection insurance policy will likely pay a monthly amount of up to 75% of your gross salary for an fixed period or until you are in good health and able to return to work. It is offered with both a benefit period (the maximum period of payment) and a qualifying period (how long you wait for the first payment).
Income Protection Insurance provides you with a regular income stream should you endure an illness or injury and be not capable to work.

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