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Another important insurance product to consider is Income Protection. In the event of incapacitation and inability to work, Income Protection will replace your regular income so you can continue to meet day to day expenses.
Income Protection Insurance (also known as Salary Continuance) is designed to provide a regular income in the event that you are unable to work due to sickness or injury. Generally, Income Protection Insurance provides a regular income during a period of disablement for up to a pre-determined and agreed benefit period. The benefit amount payable is up to 75% of your income.
The premiums payable on Income Protection policies are generally tax deductible, however, the income payments received will be taxed at the applicable tax rate
If you would like to discuss this service further please contact us or call your local Ellerfield office
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