Income Protector

Life Cover Disability Cover Income Protector Functional Impairment Benefit Critical Illness Benefit Accident cover benefits

Definition and description of an income protector

The Income Protector products offer the client cover in the event of loss of income due to injury or illness, from his or her regular occupation and/or for the overhead expenses of his or her business. The insurer will pay the benefit in instalments monthly when the life insured becomes disabled.

Income Protectors are also known as:

Income protectors are know by different names at the different providers, each with it's unique definitions for benefits. Although income protectors definitions differ the basic benefit is providing income in the event of loss of income due to injury or illness. Some of respected provider product names are: Income Protector; Basic Disability Income Benefit plus Extended Disability Income Benefit (Own occupation) Income Continuation Benefit Extended Absolute Income Protector Occupational Disability (Own) Income Benefit If it was only the names of the benefits that was different, it would have been easy to compare products but unfortunately it does not work that way. Waiting periods, when the benefit pays and what it pays is all factors that should be considered before you can compare the premiums. A experienced financial advisor will help you to find a income protector that is best aligned to your unique circumstances and price expectations.

Income Protector is used for:

Loss of income: The Income Protector is an ideal solution for a insured life who needs the security of knowing that he  will be paid an income if he should be unable to perform the duties of his occupation or suffers one of the defined illness or impairment claim events. The monthly claim amount may be used to ensure that the current standards of living of the insured life can be maintained.

How much income protection do you need?

When you decide that you need an income protector it would be a good idea to calculate how much you need and to determine the waiting period (Influences your premium) you should implement, in the following sequence: 1) Determine how much income you need to survive and if applicable how much income you need to cover business overheads in case a sickness or injury prevents you to work. 2) Determine how long your current savings or reserve funds will last you. This will indicate to you how long waiting period you could implement on your income protector. The longer the waiting period will be much cheaper than a shorter one because you are a smaller risk to the product provider. 3) Compare your current provisions you have at your employer and your own provisions with what is required in step 1. 4) Your answer will be step 1 minus step 3 and the waiting period will be determent by your answer in step 2. 5) Contact a financial advisor should you need more information, advice or help with calculations.                                         
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Income Protector

Income Protection Insurance definition and description

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