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People often underestimate the amount of money that we earn during our working lives. Some Australian’s earn millions of dollars throughout their career. Many hard workers only insure their tangible assets, such as a motor vehicle or home, but not their own income. We’ve posed some questions that can help you decide if income protection is something that could benefit you.
- Are you mostly or fully dependant of your income each week, fortnight or month in which to meet and pay for your bills?
- Do you have cash available to meet the costs of living for three months if you suffered an injury or illness that prevented you from working?
- If you have debt such as a car loan or home loan, what would happen to them in the event that you were unable to work due to an accident or sickness?
- Would you be forced to sell any assets in the event that you were unable to work for three months due to an accident or sickness?
- If you have children, would their education or outside school activities be affected financially if you were unable to earn an income due to an accident or sickness.
- Could you maintain your current lifestyle on social security benefits (Centrelink)?
- Will your accumulated sick leave cover you for a long term illness?
- If you were only partially disabled with reduced income could you maintain your lifestyle?
- Would loss of income disturb your family's financial position?
Many view income protection as one of the most important types of insurance - after all where would you be without your income? How well could you survive without your income for a period of 6 months or longer? Your income is used to maintain a certain living standard and also to build wealth and provide for your retirement.
Income protection insurance provides an income stream should you become unable to work due to an injury or sickness. Depending on the policy, benefits can often be paid monthly, instead of as a lump sum. Many policies restrict the amount of cover to 75% of your gross salary.
If you would like any further information, or to see if income protection is right for you, please call our Financial Planners on 1300 654 193.
Important Information:This information does not take into account your objectives, financial situation or needs. Therefore you should firstly consider the appropriateness of this information and refer to the Terms and Conditions and Product Disclosure Statement (PDS) before acquiring a product. These documents are available by contacting us on 1300 654 193.
