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CONCERNING FACT: A report commissioned by IFSA in July 2006 surveyed 166 business owners and 213 self-employed people about their income protection ownership and beliefs. Of those surveyed only 42% of business owners and 26% of self-employed had income protection.
Income Protection insurance can protect a business owner's income in the event they are unable to work due to injury or illness. For those individuals who rely upon physically working in order to generate income, this is particularly important. Also, self-employed contractors are not covered by the State's Worker's Compensation insurance scheme, so the absence of Income Protection insurance would mean they are unable to be compensated for injury or illness regardless of whether it occurred at work or not.
Income Protection is often viewed as expensive, however, it is also tax deductible and probably the most likely insurance upon which you will need to claim in your working lifetime.
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