What is Income Protection & why do I need it?
In a nutshell, Income Protection protects your income. If you’re off work long-term because of illness or injury, Income Protection replaces a significant portion of your monthly paycheque.
Now it doesn’t replace your full salary, but certainly more than if you were just relying on benefits. You see on average, if you’re off work ill or injured, your company is only likely to keep paying your salary for 6 months, and soon that won’t leave much to get by on.