Income protection insurance is a vitally important cover, especially if you are self employed. It is insurance you will need to take out in order to protect yourself and your family against a loss of income should you become ill or injured and unable to work for any extended period. Such insurance will normally give you a monthly income that equates to 75 percent of your average earnings. It will ensure these payments are continued until you are able to return to work, or if you incapacity is prolonged, the payments will continue until you reach the age of 65 years, depending on what type of work you were originally employed to do.
Income protection insurance is an insurance which will allow you to continue to pay off your home, if you have a mortgage, or keep paying the rent if you are renting accommodation. It will also guarantee that you are able to continue feeding yourself and your family and that you can keep up with your day to day living expenses during times of enforced inactivity.
Income protection insurance will keep you financially independent and allow you to hold your head high in times of adversity. Without such assistance you could end up becoming destitute and living on handouts from family, friends, or even charitable institutions. However, there remains some aspects of income protection insurance that you may not be aware of, such as the following:
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