Why You Need Income Protection

While most people plan for the worst by taking out life insurance, car insurance and home and contents insurance, income protection is often overlooked.

Staying fit and healthy 365 days of the year is difficult enough for most people, however what would happen if you had an unexpected accident that forced you out of work for more than a few months or even a number of years? How would you pay the bills, feed the family and keep up with your mortgage repayments?

If you’re ever unable to work due to prolonged sickness or injury then income protection can provide cover for 75% of your existing income. But you’ll need to sign up before you become ill for the benefits to take effect.

You can also use your income protection as mortgage protection insurance. If you have a superannuation fund, this can also known as "salary continuance".