What is one event that can increase an individual's income protection insurance benefits?

Having a child can indeed increase an individual's income protection insurance benefits. This adjustment is often made to reflect the additional financial responsibilities that come with raising a child. Insurance providers typically recognize that the cost of living may rise with dependents, leading to increased expenses for items such as childcare, education, and general living costs. Consequently, many policies offer an increase in benefits or coverage amounts when significant life events, like the birth of a child, occur.

In contrast, changing job sectors does not automatically link to an increase in income protection benefits; it depends on the nature of the new job and whether it leads to an increase in income. Getting another insurance policy could potentially provide additional coverage but is not likely to directly increase benefits under an existing policy. Reducing working hours may actually decrease potential income, which could lead to a lower benefit level instead of an increase.