How much should you insure for?

Most people get enough income protection insurance to cover their fixed monthly bills plus sufficient for day to day living expenses.

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What is Short Term Income Protection Insurance?(Also known as Accident Sickness and Unemployment Insurance)
Short Term Income Protection Insurance pay a tax free monthly income for up to 12 months if you were off work due to sickness, accident, or unemployment.
How Much Will It Cost?
You can have Short Term Income Protection Insurance for either unemployment alone, or sickness and accident alone, or all three. The costs of the policies is much lower than you'd expect.
Will Short Term Income Protection Insurance pay out immediately you make a claim?
You have to be off work for 30 days before you can make a claim but the income is then backdated to the very first day you were off work.
For how long will the policy continue to provide income
Short Term Income Protection Insurance will provide income if you are off work and the income will continue for up to 12 months or cease when you return to work, whichever is the sooner.
Should you insure for accident and sickness or accident, sickness and unemployment?
The Short Term Income Protection Insurance Burgesses offer gives you the option of insuring yourself for:
We suggest you add up your known monthly expenses and then add some for day to day living. Remember to exclude any payments that you already have specifically insured such as loan repayments, or your mortgage.

Income received from insurance policies is not taxable, so you can ignore that issue!

Frequently Asked Questions related to the above topic.
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