Income Protection can provide you with that regular income you need to meet your day to day expenses.
Generally, you can cover up to 75% of your salary, paid as a monthly benefit, if you are unable to work due to illness or injury.
In most cases, income protection premiums are fully tax deductible, making it even more affordable to protect what is probably your biggest asset – your income.
Additionally, you have the flexibility to nominate a waiting period and benefit period that is right for you.
No matter what life stage you are in, your income is probably the single most important factor supporting the lifestyle you enjoy. It’s difficult to imagine how life would be without it.
Unfortunately, injuries and illness, the sort that can leave you unable to work, can and do happen all the time. These conditions may not be life threatening, or even serious, but they may leave you temporarily unable to perform your occupation and earn your income.
How long could you survive without your income?
What resources could you call upon to help you keep up with the costs of everyday living, such as:
• the rent or mortgage repayments
• car or other personal loan repayments
• food
• power, water, rates
• mobile phone, pay TV
• petrol
Sick leave entitlements and even your own savings may help, but only for a limited time. Once they run out, do you have a back-up plan?
Fortunately, there is a way that may help ensure things don’t get this serious.
Consider this…
You are married with two kids and a sizeable mortgage after having just built your dream home.
You work full-time and live comfortably on a yearly salary of $85,000. Then, one weekend while playing with the kids in the backyard, you fall awkwardly and injure your back.
The result, you are unable to work for 12 months.
How would you cope financially? Would you have enough money to continue to meet the mortgage repayments as well as pay the daily bills?
Income Protection at a glance
Features at a glance
✓ Regular monthly payments if you are unable to work
✓ Cover of up to 75% of income
✓ Payments available to help meet mortgage repayments and daily expenses
✓ Flexibility to select waiting and benefit periods that are right for you
✓ Generally, premiums fully tax deductible