Income protection insurance, sometimes referred to as disability income insurance, is a type of insurance that provides a safety net for individuals in the event that they are unable to work due to an illness or injury. This insurance offers a source of income replacement to help cover essential expenses, such as mortgage payments, utility bills, and living costs, during the period of disability.
Income protection insurance is a valuable form of financial protection that can provide peace of mind and financial security during challenging times. It is especially important for individuals who rely on their income to support themselves and their families. Without this coverage, a loss of income due to an unforeseen event could have severe financial consequences.