Definition

An add-on that provides extra benefits to support you during retirement. It helps bridge gaps not covered by standard retirement plans.

What to consider

  • Ensure sufficient funds are set aside.
  • Review fund usage policies.
  • Regularly assess whether the fund meets your needs.

Real world scenarios

  • A small business established an income protection fund to cover payroll in case of unexpected downturns.
  • An individual set aside funds to replace lost income during a period of disability.
  • A startup maintained an income protection fund to cover operating costs during low-revenue months.

Related terms

Insurance & Financial Protection