Todd is a graphic designer and single. He is paying off his home loan and has monthly lease payments on his car. He has a great lifestyle but this means little left for savings. When his friend was injured in a skiing accident and unable to work for a few months Todd witnessed at close range how tough it can be when the income stream stops. This was motivation for Todd to contact his financial planner and arrange income protection insurance. The policy will pay up to 75% of his monthly income up to age 65. So far Todd has not had reason to claim on the policy but he knows in the event the unexpected happens he is covered.
Want to know more?
Your income is your most valuable asset. Income Protection is the best way to protect your current income if you are unable to work due to illness or injury. It will ease the financial pressure until you can return to work allowing you to recover in a supported environment.
Income protection insurance can pay up to 75% of your gross annual income. The benefit will be paid for an agreed period or until you are able to return to work. If you are able to return to work gradually the policy will assist you financially with this transition.
Income protection insurance recognises how important a regular income is to your lifestyle. It allows you to concentrate on your own recovery knowing your family will be supported financially while you are unable to work.
This is important if you have:
Did you know that most disabilities come from illness yet many employees believe they do not need this insurance? If you expect workers compensation to meet your needs you will be sadly mistaken as it does not cover illness and only covers accidents that occur to and from or at work.
As income protection premiums are tax deductible the cost to you may be even more affordable than you realised. Benefits paid under this insurance are generally tax assessable.
Did you know that if you are age 30 and earning $50,000 pa you will earn $3,000,000 by the time you reach retirement at age 65? (3% inflation included).
Whilst benefits will be reviewed yearly in line with changes to CPI, if your income increases substantially you should take the time to review your level of income protection cover to ensure you are not underinsured.
For further information contact:
Stephen O’Donoghue Authorised Representative No. 263633
Phone: (02) 9485 3618