HOW DOES IT WORK?
Life Insurance, is the least expensive of the business insurances, the easiest to qualify for and can be set up to be tax deductible for the self employed.
Income Protection Insurance, also known as Disability Income Insurance; Income Replacement Insurance or Salary Continuance Insurance.
An income protection policy is mostly taken out by Self Employed People such as Electricians; Plumbers; Carpenters; Cabinet makers; Painters and also semi-skilled personnel it is not limited to the self employed. Almost everyone qualifies. Many Doctors, Lawyers, Accountants and Engineers whether they are in their own practice or an employee also seek out this insurance.
Premiums are determined by various factors. All of the Insurers have rating systems according to a person’s occupation, age, whether they smoke, have health issues or play a hazardous sport. Other factors that determine premiums are - sum insured, waiting period, benefit period and other subtle features that may be added.