Income protection insurance in the Philippines: keep your family going if your income stops
Your income is the biggest asset you have. Income protection is the group of covers that keeps your family going if it stops because of death, disability or a serious illness.
This page explains the covers that protect income, how to work out how much you need, and what to check before you buy.
What can stop your income
- Death, which stops your income for good.
- Disability after an accident or illness, which can stop it for months or years.
- A critical illness, which often stops work during treatment and recovery.
The covers that protect it
No single policy does all three jobs, so most people combine them.
- Life insurance, term or whole life, pays your family if you die.
- Critical illness insurance pays you a lump sum on diagnosis.
- Personal accident insurance pays a benefit after an accident.
- A savings or investment-linked plan can add long-term value alongside the protection.
How much income to protect
A simple way to start: add up what your family spends in a year, decide for how many years they would need it, and subtract the savings and cover you already have. An advisor can turn that into a plan.
Who needs it most
- Parents and anyone with dependants.
- Freelancers and business owners with no employer benefits.
- The main earner in the household.
- Anyone paying a mortgage or other long-term debts.
What to check before you buy
- What each cover pays, and when.
- Waiting periods and exclusions.
- What happens to the cover if you stop paying.
- Whether the cover is fixed or grows with your income.
Get help from Crux
Crux Consultants Ph advises on this in Cebu. Book a free 15-minute consultation online or message us on WhatsApp at +63 917 596 5486. An advisor will look at your family, your income and your existing cover, and tell you what to consider first.
Common questions
What is income protection insurance?
It is the cover that replaces your income for your family if you die, become disabled or are diagnosed with a serious illness.
Is income protection the same as life insurance?
Life insurance is one part of it. It pays if you die. Critical illness and accident cover protect you while you are alive but cannot work.
How much income should I protect?
Start from what your family spends in a year and the number of years they would need support, then subtract savings and existing cover. An advisor can help you work it out.
I am self-employed. Do I need it?
Yes, often more than an employee, because there is no employer benefit and no sick pay when you stop working.
Can I combine several covers?
Yes. Most people combine life, critical illness and accident cover, and an advisor can show how they fit together.
How do I get started in Cebu?
Book a free consultation with Crux, or message us on WhatsApp. We look at your family and income, and suggest where to start.
General information only. It is not a quote, and the policy wording decides what is covered.