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Why South Africans need the lifeline of income protection
By Opinion
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In 2020, 59% of all Covid-19 related Sanlam income protection pay-outs were to people younger than 39 years old. This statistic underlines the critical importance of income protection for young professionals, says Sanlam Product Development Actuary Karen Bongers, noting that the long-term loss of income due to illness or injury is the single biggest financial risk young people face throughout their working lives.
Beyond the financial impact of illness and injury, she says economic realities are resulting in South Africans battling to meet their monthly financial obligations, which makes income protection even more important.