Income Protection – The Time is Now

Lushan Enoch, Sanlam risk specialist talks to us about the importance of having an Income protection policy in place.

A few key points Lushan mentioned:

We have seen a large increase in claims, particularly in the medical sector and health services professions
January to December 2020, we paid R29.25 million in sickness claims for being booked off from work due to Covid-19 alone
The pandemic spotlighted the need to have something in place for when you are booked off work for long periods of time due to illness
We paid 60% more income protection claims in 2020 as compared to 2019
The gap between what people need and what they have in place is getting much larger

If there is one thing that this pandemic has done, it is to shine a spotlight on just how important it is to have some form of income protection in place.