10 Mar Income Protection Insurance
Income Protection insurance provides an alternative source of income, as a monthly payment, if you’re unable to work due to an illness or injury. It covers up to 75 percent of your normal income until you’re able to go back to work or until the end of the benefit period.
You can use the payments however you wish: to cover living costs and household expenses like mortgage repayments, groceries and utility bills, to support your family (school fees, for instance) or for rehabilitation services to help you get back to work as soon as possible.
Laura was 27 when she was diagnosed with a brain tumour. Her treatment involved two surgeries, radiotherapy and chemotherapy. Laura’s Income Protection policy provided her with monthly disability benefits of around $250,000 in total, helping her focus on her health rather than worrying about her finances.