13/07/2018
Have you ever thought of protecting your future income?
If you become disabled at a relatively young age an income protection policy will pay you a regular monthly income for the rest of your working life, allowing you to support yourself and to save part of it for retirement. Your biggest asset is not your house or your retirement savings but your future earnings.
If you are relatively young, you may think that you do not need this kind of protection, because the chances of your becoming disabled are low. Although this may be so, you should not forget that anyone at any age can become a victim of an accident or crime, and that at a younger age you have many more years of your working life ahead of you, and more earnings to lose, than a person who is closer to retirement. Cancer, car accidents and retrenchment are major risks for younger people.
Despite the risks of not having an income in future, only six percent of South Africans have insurance against loss of earnings, according to a statistic released earlier this year.