"You say you have trouble living within your income -- consider living without your income?"
What is Income Protection Insurance?
Income Protection Insurance replaces as much as 80% of your monthly income if you are unable to work due to illness or injury. You are covered regardless of whether you are at work or at play, 24 hours per day, 7 days per week.
You select a waiting period (how long you are off work until you begin receiving payments) and benefit period (the maximum length of time you will be paid whilst on a claim). The monthly benefit is paid to you if you remain unable to work after the expiration of the waiting period. It will then continue to be paid for as long as you remain unable to work. The benefit will cease when you have reached your nominated benefit period or are able to return to work, whichever comes first.
Some companies now offer a benefit period up to age 70, meaning you would continue to be paid a benefit right up to that age if unable to return to work. Claim payments can generally be linked to increase with inflation over time.
Why do I need Income Protection Insurance?
"Most of us think it is our home, vehicles or business that is our most important asset. It isn't! Our most important asset is ourselves and our ability to earn an income. What happens if that ability ceases?"When your income ceases the bills and expenses won't! A government pension will most likely be payable, but this may only provide income of a few hundred dollars per week. An Income Protection policy may provide you with the regular income you need to meet your ongoing expenses and retain the standard of living that you and your family are accustomed to.
How much Income Protection Insurance do I need?
Generally, you should consider insuring for the maximum monthly benefit available to ensure you may be able to meet your monthly living expenses and perhaps additional medical costs as well.
We are able to assist you in determining the level of cover you require.
