If something happens to you (injury or sickness) and you are unable to work, would you and your family be ok financially while also trying to deal with the situation at hand?
Ideally suited for self-employed, small business owners or professionals whose business relies heavily on their ability to work. But also anyone whose household also relies heavily on their ability to bring in an income.
Income Protection Insurance usually offers cover for up to 75% of your gross wages for a maximum time period.
And the premiums are tax deductible! As long as the policy is outside of your superannuation.