Income Protection Insurance : Protect your most valuable asset – you.
According to research, around 90% of us fail to have adequate income protection insurance. If you were unable to work due to sickness or injury, what would the financial repercussions be on your personal lifestyle, immediate family, dependents and business?
Many of us insure our homes, cars and selves (through life insurance), but fail to protect our most important day-to-day asset – our income. Whether you’re single, married, with children or without, employed or run a business – failure to insure or insuring incorrectly can have dire results.
In effect, income insurance protects your ability to earn. That is, if you are unable to work due to sickness or injury, income protection insurance will pay a monthly benefit for up to an agreed amount (usually 75% of your regular income). In the wake of an accident or unforeseen event – income protection insurance can be the difference between an unmitigated disaster and transient, unfortunate event.
The terms, conditions, exclusions and inclusions of different income protection insurance policies vary greatly – make sure you seek professional advice and understand exactly what it is you’re paying for. Provisions and terms such as ‘agreed value’, ‘indemnity’, waiting periods, terms of payout and ‘any or own occupation’ are critical considerations when making a decision. And as a general rule of thumb – the more generous the provisions, the more expensive the premium – but don’t buy a policy just because it’s the cheapest – its provisions may render a payout unlikely or limited, which will leave you exposed when you most need protection.
To find out more call (02) 8268 2900 and speak to one of our Advisors, obligation free.
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