What is Income Protection Insurance?
It is a type of insurance that will provide you with income should you suffer a long-term illness, disability or even in some cases death.
Most people today can not live off only one income in the household. You probably have many monthly expenses like, rent or mortgage, student loans, car payments, household utilities, possibly credit card payments, etc. If you could not work because of this disability or illness, what would you do? How would you pay for all these monthly expenses? Income Protection Insurance could very much help you in this situation.
Income Protection Insurance does not only apply to the working person. You may be retired and think you do not need Income Protection Insurance but many people who are retired are more likely to purchase this type of insurance. Many seniors depend on double income as well, social security and/or pension money. In the case of a death, Income Protection Insurance will cover that loss in income when your spouse passes.