Why would I need Income Protection Insurance?
Income protection insurance is designed to replace your regular income if you suffer an injury or illness that prevents you from working and earning your regular income. For the majority of people, their ability to work and earn income is the most valuable long term asset they possess.
A long illness or serious injury that prevents you from working could have a serious impact upon your lifestyle and the long-term financial security of your family. You may insure up to 75% of your monthly income and in some cases you may also be able to arrange for the insurance to fund your super contributions.
There are a wide range of options and other benefits that may be included with income protection insurance to help during your treatment and recovery. Business Expense Insurance Business expense insurance has been specifically designed for the self-employed person who wishes to ensure that the fixed expenses of the business or practice will still be paid even if he or she is unable to work due to injury or sickness.
This insurance is intended to help keep your business or practice going while the life insured (usually you) is disabled. Business expenses insurance will pay a benefit up to a pre-agreed amount in order to help meet the cost of a range of nominated fixed expenses that would normally be paid for from the income you generate.