In today’s fast-changing and competitive world, one of our major concerns is loss of income due to retrenchment, illness or injury. The latter two circumstances are more often the ones for which you can carry insurance – but with increasingly uncertain economic times, the option of insuring against job loss is one you can investigate to shore up loss of income in the event of company downsizing or closure.
Depending on the terms of your disability policy, you can cover up to 75% of your pre-tax income for the period you are off work – or up to the age of 65 if you are close to reaching that age. The time covered will be set at date of purchase of the policy. Premiums will obviously depend on the options chosen. If income is insured against job loss, then you might be able to insure for up to six month’s salary recompense should you not be able to find new employment during that time.
Whatever your choice and situation, there are risk services to meet your needs. Planning ahead is vital to both peace of mind and financial security when the unexpected strikes. Sometimes the risk we take is life itself.