Income Protection Insurance is a policy that provides payments in place of your regular income in the event of an injury or illness, especially if you are away from work for an extended period of time. The amount of monthly benefit received is determined by your policy choice, and can be up to 75% of your usual income. Policy options are designed to suit individual requirements and are generally structured for benefit periods spanning 2 years, 5 years, or until age 65 or 70.
For business owners, there is no opportunity to take paid sick leave. Unexpected illness or injury can result in turmoil for your business if you remain uninsured as an individual. It’s important to insure yourself just as you insure your business if you want certainty regarding your future.
Businesses are constantly on the lookout for ways to increase profit margins and achieve sustainable business growth. It makes good sense to ensure your business doesn’t come to a grinding halt if you are out of the picture for a period of time.