Income protection is designed to assist you if you cannot generate an income or you become disabled. The income protector will replace your full income or a portion thereof. Please note that, unfortunately, income protection does not cover retrenchment.
You can protect your income against those times when life takes a wrong turn for you. Income protection is designed to assist you for those cases where you are physically unable to generate an income.
What is it?
Why do you want it?
Your ability to generate an income is your greatest asset and should be insured at all costs. You will need to decide on the level of income you want to insure and the age you want to extend it to. You should also consider your debt, monthly living costs and retirement funding shortfalls; as well as inflation.
Do you need it?
Absolutely, should you be dependent on your income to pay the bills. If you were injured or ill, you would not be able to work, earn an income or pay your expenses. Perhaps you have enough savings to cover you for a few months, but would you be able to support yourself for the rest of your life or save for your retirement if you had a chronic illness or disability? If not, then you need income protection.
How much does it cost?
The cost will differ depending on some key factors, including your:
- Risk profile
- Smoking and drinking habits
- Activities (dangerous activities involving high risk)
You may need to undergo a medical examination during the underwriting process.
How can we help you?
Your attooh! financial advisor will help you find the best product to suit your lifestyle and your budget.