The Disability insurance provides a tax-free monthly income if an individual is unable to work due to an injury or illness. The objective of this plan is to replace up to approximately 70 per cent of a person's employment income if they cannot work due to disability.
The entire lifestyle of yours is protected by your income and hence the chance of becoming disabled due to injury or illness during your working years is very high. Having considered how would you maintain your lifestyle if this were to happen to you, you must consider buying this insurance.
While we don’t like to think about becoming ill or being injured we can’t afford to ignore the possibility as well. Income Protection, commonly known as Disability Insurance and Loss of Income benefit, provides financial security should an accident occur that prevents you from working and earning a living.
A Loss of Income benefit will provide you with a portion of your income should you be disabled as a result of Injury or Illness and unable to work and earn a living. There are different elimination periods (length of time to wait before benefits begin), and different benefit periods, (length of time benefits will be payable), that will allow you to choose the plan that best suits your needs.
This insurance is suitable for any individual or business owner under age 60 with employment income who has insufficient liquid assets to sustain a loss of income due to a disabling injury or sickness.