A lot of time we take our paychecks for granted without knowing that it is the source of our financial living until we lose it. If your income were to stop it would be like a financial heart attack, right!
How would you replace your significant other, your partner or your spouse’s income if it were to stop?
If you are like most people, by the time you think about it, it’s too late!
So, what’s been put in place is the Income Protection. This will help replace your income in the amount of your choice for the amount of years of your choice. This will give your love one time to figure out what you’re going to do with your life and allow you to spend some valuable time with your children.
So, if one of the spouses has to pass, all the bills, debts and expenses are on the shoulders of a person that is alive income instead of two. There would be a big gap. The adjustment would be very hard to make because it was both incomes combined together that used to take care of the financial burden of the family. The Income Protection Plan replaces the full yearly amount of income of the individuals that passed during a period of five (5), or ten (10), or fifteen (15) years that is available to you in lump sum. That would give to the present parent or spouse peace of mind.
