| It is not just your home or your vehicle that you need | | | | their employees with paid leave while they are sick; |
| to insure, you also need to insure yourself. While most | | | | however most of these sick pay schemes are only |
| people insure themselves in the event of death, you | | | | short term and are not a long term solution. |
| should be more concerned about insuring yourself | | | | In my experience six months is about the longest six |
| while you are alive. An income protection plan will | | | | pay schemes available while on the other hand health |
| enable you to insure your income against illness or | | | | insurance can protect you for much longer periods. |
| injury, paying a regular monthly income in the event | | | | Many companies do not pay sick leave and do not |
| that you cannot work. You need to have a regular | | | | have provisions for this - so what do you then. Either |
| income to sustain yourself and if something goes | | | | way an income protection plan will provide you with an |
| wrong with you and you are not in a position to work | | | | income when no one else will. You can choose the |
| your health insurance policy will protect you. | | | | level of health insurance cover you need, and if your |
| It is difficult enough to survive on your current salary - | | | | employer does provide 6 months of sick cover, then |
| now imagine how much more difficult it would be | | | | you can choose your income protection cover to kick |
| without a salary coming in at all! An income protection | | | | in after this. |
| plan will insure you against these financial difficulties | | | | There is one other element that you may be looking to |
| providing 75% of your current income in the event you | | | | rely on and that is unemployment benefit - and while |
| cannot work due to illness or injury. 1 in 4 people will | | | | this is 196 per week - this will usually fall well short |
| suffer a serious illness some time in their life - so it is | | | | of your current income. If you are self employed you |
| wise to insure your income against serious illness. | | | | may not be entitled to unemployment benefit - so |
| Income protection plan premiums are tax deductible, | | | | where does that leave you if you cannot work due to |
| which helps reduce costs yet provide the income | | | | illness or injury. An income protection plan will cover |
| protection cover you require. | | | | employees as well as the self employed. |
| Under an Income protection plan you can insure up to | | | | While you are looking around for a health insurance |
| 75% of your income against illness or injury, so if you | | | | get quotes from various different insurance companies |
| are unable to work, 75% of what you earn will be paid | | | | and compare them. Even better get independent |
| to you on a monthly basis from your income protection | | | | advice from a financial broker who can deal with |
| plan. This will assist you in covering your usual monthly | | | | multiple financial institutions. Always remember if there |
| expenses such as mortgage payments, clothing, | | | | is a significant difference in price make sure that you |
| school fees, food etc. Many companies do provide | | | | comparing like with like. |