Income Protection

This helps insure against the loss of employment earnings if you are unable to continue working due to a specified critical illness diagnosis by providing monthly tax-free lump sum payments. 

Depending on the level of cover you purchase, income protection can provide tax-free monthly payments of 50% to 60% of your salary. These payments will continue until you return to work or reach retirement age.

Objective
To replace a portion of your employment income in the event of illness or injury

Suitability
For employed individuals or those who are self-employed as well as business owners. Cover usually needs to commence prior to age 60.

Features

• Helps provide additional cover in instances where your employer's benefits do not.
• Payments can rise with inflation in some instances.
• Premium amount dependent on your occupation, age, cover amount and contract length.
• No maturity value if you outlive the duration of the term
• No cash surrender value
• No investments allowed within the policy