Income Cover provides for a monthly income benefit to be paid if you are unable to work because of a disability.
Who needs it? In short, everyone.
The last thing you or your family would need if you were unable to work due to disability is financial uncertainty and disruption. Expenses will not stop if your income stops.
With Indemnity Income Cover, the amount paid in the event of a disability preventing you from working is a maximum of 75% of your pre-disability income, limited by the sum insured you choose. This income is taxable.
With Agreed Value Income Cover, the amount paid in the event of a disability is the sum insured – irrespective of your pre-disability income. This is particularly valuable where you may have a fluctuating income – if you are self-employed, for instance. Once you have applied you can be sure of the level of your benefit. This income is considered to be tax-paid in the hands of the recipient based on current income tax legislation.
Remember no two insurance covers are the same. Unique benefits with our Income Protection cover include:
- Payments are monthly in advance from the end of your chosen waiting period instead of the industry standard of monthly in arrears. You have already chosen you preferred waiting period, so we do not make you wait a further month before you receive a benefit
- We have a built in total and permanent disability benefit where an additional payment of 12 times the monthly benefit is payable as a lump sum if you are certified as being totally and permanently disabled*
- If your income increases you have the option at each policy anniversary date to increase your cover by up to a maximum of 10% of the monthly income benefit without any further medical assessment.
*please refer to policy documentation for full terms and conditions
