If you were unable to work due to unforeseen illness or injury, would you be able to meet all your monthly commitments? Do you think it is vital to protect your income, which you use to pay for your lifestyle each month?
Income protection provides you with a replacement income, in the event you are unable to work due to an accident, sickness or disability. After a deferral period benefits will be paid to you until wither you can return to work or until the end of the policy term.
Income protection is beneficial if your work or social welfare entitlements may not last as long as you need them to. If you are self-employed and have no other form of unearned income then it is essential that you have income protection in place, as you may have no entitlement to social welfare benefit.