It is true to many people that your greatest asset in this world is your Job. Income Protection insurance is a superb insurance option that safeguards your salary when you fall sick, or suffer from an accident, thus unable to work. It pays you. It offers you peace of mind when such events happen. Usually, the amount of cover that you get is 75% of your gross salary, and all benefits are paid monthly.
However, Income Protection Premiums are tax deductible. Therefore the cost of the premium is usually higher than the tax cost. Nothing is assured in this world and many a times the unforeseen happens.
The amount of income you want to insure determines how much cover you need. Make sure you understand the terms and conditions. Moreover, always understand on what is covered and what is not covered. Income Protection Insurance is certainly worth your serious thought.