What is Income Insurance?
Also known as Income Protection Insurance, this is a similar insurance policy to Accident, Sickness & Unemployment insurance where it will pay you a monthly income should you be unable to work due to illness or disability.
Why do I need Income Insurance?
If you where to suffer an illness or disability which prevented you from continuing to work, would you be able to continue financially with your mortgage, rent payments, utility bills, grocery shopping etc?
With an Income Insurance Policy in place you can feel safe in the knowledge that should you stop working due to illness or disability then you will continue to receive a monthly income to help you cope with the financial strains.
Is it the same as Accident, Sickness & Unemployment Insurance / ASU Cover?
Whilst Income Insurance is quite similar to our Personal Accident Insurance, they are not the same product. ASU will only pay out for between 1 to 2 years dependent upon the policy and insurance provider where as Income Protection Insurance will pay out until you are fit enough to return to work or until your retirement (up to a maximum of ten years).
Also, Income Insurance will cover you against illness or disability but not against Unemployment or Redundancy.
Unemployment insurance is available with our Personal Accident Insurance.