Income protection insurance is probably one of the most complicated
insurance policies you will buy, with several options, features and
benefits to choose from. Nevertheless, income protection is important
to cover you should the unthinkable happen, or should you miss work
due to sickness or accident. An income protection insurance policy
will ensure a steady income stream in case of such eventualities.

Income protection is available for both – salaried as well as self
employed professionals. In case of salaried professionals, an income
protection policy will usually cover 75% of the gross income, while
for a self employed professional; the income protection policy will
cover your gross business income as a result of your efforts less your
share of business expenses.

While it is easy to get confused between your regular sickness /
trauma insurance and income protection insurance, it is important to
understand the differences, as well as be aware of the fact that an
income protection policy is always a better bet. For example, one of
the key advantages of income protection insurance is that the insurer
cannot cancel the cover, once the policy has been underwritten
(ofcourse, if you have rightly disclosed all your medical conditions
and fulfil all criteria required). So even if your health
deteriorates, or you move to a higher risk occupation, an income
protection policy will work well for you; which is not the case with
sickness / trauma insurance.

Considering the various features and options available for income
insurance, it is recommended that you speak to a qualified adviser,
before making your choice. For more information on income protection,
click here

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