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What is Income Protection?
Income Protection (also known as Salary Protection) is an insurance policy that pays a monthly replacement Income/income to policyholders who are unable to work due to illness or injury.
Benefits of Life Insurance
- In the event of death, a tax free lump sum of money is paid to the insured person’s estate.
- It can be a way to leave a substantial amount of money to your family on your death that will allow them to rebuild their lives after your untimely death.
- Financial obligations can be paid off in full with the Life Cover amount insured (mortgages and other loans)
- The life insured can leave a strong legacy behind, even if he/she owns very little or has limited savings.
- The premiums are relatively cheap in comparison to other types of Cover such as Serious illness or Income Protection.
- The premium can be made to fit the clients affordability.
- Both spouses can be covered on the one policy.
- There is huge flexibility with the policy in relation to price, sum insured, and the term of the policy.
- It is also a way of ensuring that any of debt does not pass onto the children or spouse if the life insured passes away prematurely.
Ultimately, the peace of mind that comes from knowing that should you die during the term of the policy.
