If you are unable to work because of an illness or accident, can you cover your everyday expenses such as food, rent and phone? What about debt repayments such as your mortgage or credit card? Sick pay generally covers only a few days absence each year, so it is important to have a contingency plan in place.
An accident, illness or temporary disability at some time in your working life is a very real possibility. And recovering from an illness or accident is difficult enough without the extra stress of financial worries.
Income Protection Insurance provides you with regular income if you become sick or have an accident and are unable to work.
58-year-old Dave was rushed to hospital with severe chest pain. He had angioplasty (surgery that restores normal blood flow through a clogged artery), but continued to have ongoing pain despite his treatment.
Normally, Dave would have expected to be back at work within weeks following his surgery, but his recovery was not as quick as he’d hoped. Ten months following his first hospitalisation, he was still unwell and unlikely to be able to return to his construction job in the near future.
While all this was going on, Dave’s Income Protection Cover helped with mortgage payments and living expenses for his family, which allowed Dave to focus on his recovery.