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You insure your car, the family home and even your health - so why not your ability to earn an income?
Income Protection Insurance is probably the most crucial and flexible insurance which is designed to replace your income if you are unable to work due to sickness or injury.
Your most valuable asset is the ability to produce an income and it must be protected. Have you ever thought about what would happen if you became ill or were injured and couldn't work for an extended period of time?
Would you be able to meet your financial commitments without your regular income? If not, it's time you considered income protection.
When you think about what life would be like without your regular income, your earning capacity becomes possibly your greatest asset. Chances are, you've based the achievement of your goals and ambitions on having a regular cash flow. If you became ill and were unable to work and maintain that cash flow, your goals may no longer be achievable.
You choose the waiting period, this is how long you must be unable to work before the insurance begins to pay you. Variables are 14, 30, 60 and 90 days, 6, 12 and 24 months. Therefore it can be tailored to cover you once any accumulated sick and long service leave are used. The benefit period is how long the policy will pay you if you are unable to work, again this can be tailored: 2 and 5 year benefit, or to a specific age, 55, 60 or 65.
Importantly, the cost of income protection is fully tax-deductible. The cost varies significantly based upon the waiting period, benefit period, amount of income insured and the insured occupation.
It provides you with a monthly income (75% of your monthly income) should you become Totally Disabled, however, the disablement need not be of a permanent nature.
Each company defines Total Disablement, but generally speaking, the benefit is paid if you are not working and are unable to earn your normal income due to illness or injury.
The benefit paid could be used for living expenses, regular investment and other costs, thus keeping yours and your families lifestyle and plan on track.
For more information call us on 02 9957 1962.
This type of insurance is too important to put off for another day! If you don't have it do something about it pronto! CLICK HERE NOW.
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