Consider this; every day people are injured in road accidents, playing sport or working in the back yard. What happens if you are off work for 6 months? 1 Year? 2 Years? How do you pay the bills? Even though your income could stop the mortgage payments don’t, either do the bills. You still have to eat!
Income Protection pays a benefit equal to 75% of your income to ensure you lifestyle doesn’t need to stop just because you are injured and unable to work.
Indemnity - Indemnity contracts will reduce your monthly benefit if your income has reduced since you took out the insurance policy. Therefore the amount you receive is no more than 75% of your earnings before disability. The advantage to indemnity contracts is a lower premium.
Agreed Value - Pays you a benefit based upon an agreed level of income. The insurer will pay a benefit of 75% of your income regardless of whether it decreases before disability.
Waiting Period – The waiting period refers to the time between your disability and when the insurer will begin to pay a benefit. The longer the waiting period selected the lower the premium.
Benefit Period – The benefit period refers to the how long you want to receive payments. We recommend insuring to age 65 to insure the risk of never being able to work again.
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