Many of us insure our cars, our houses and our possessions, but how many of us actually insure our ability to earn income? The answer to that is very few! In fact we surveyed a sample of our clients and discovered that only 2% of last year’s returns had a deduction for income protection.
Income protection can be claimed as a tax deduction, yet most people still do not have any!
Now consider this: More than 25% of people over 30 years old will take more than 6 months off work between now and retirement due to illness or injury. Can you afford to live without your pay for six months?
So what is Income Protection?
Income protection is one of the most basic forms of life insurance.