For most people aged under 50, their income is most likely their biggest asset. Bigger than their home, bigger than their superannuation, so why not protect it?
Ask yourself, How would I/we survive financially, if I was not able to work due to an illness or injury? How would we pay the mortgage, electricity and other bills? For the car? For food?
Sure you may be able to survive 6 weeks or so, but what about an illness or injury that keeps you off work for 6 months, 12 months or even longer?
Income Protection Insurance will pay you a monthly income equal to 75% of your salary if you are unable to work due to a qualifying illness or injury, in addition to many other ancillary benefits. To be eligible to claim you must not be working, and must be following the guidance of your regular medical practitioner. Policies are available which protect you 24 hours per day, 7 days per week and even whilst you are on leave or overseas.
With Income Protection Insurance it is crucial that you examine the policy benefits and definitions as these vary considerably between insurers. The old adage applies, what you pay for is what you get. Premiums for Income Protection Insurance are generally tax deductible which helps to make this cover more affordable.
Make sure you speak to one of our specialist risk insurance advisers who can research and find a policy to suit you.