Financial and retirement plans go out of the window.
Income Protection
How will you and your family cope if the breadwinner has a bad accident or contracts an illness that incapacitates them?
All current and future plans may go out of the window. It may no longer be possible to pay monthly bills or save for a decent retirement. Is it possible to survive on state benefits, especially with the reductions and difficulties in qualifying for these benefits? In our view most working people would benefit from income protection cover.
If you are unable to work due to sickness or accident, this pays out a replacement income tax-free (under current legislation) until you are well enough to go back to work, or you die, or the term of the policy is reached, whichever occurs first.