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Income Protection provides a monthly payment if the insured is unable to work due to an illness or injury.
Most policies will cover up to 75% of gross salary or income in the event of total or partial disablement. Policies will generally also be able to include superannuation payments in addition to salary.
By replacing regular income, benefit payments will help the family to meet everyday living expenses such as rent or mortgage, utility bills, food and schooling.
Income protection policies are very flexible and can be tailored to meet the insured’s own circumstances. Waiting periods and benefits periods are totally flexible and can be tailored to individual needs and circumstances.
Generally income protection premiums are tax deductible to the policy holder.