Aside from your family and friends and your health, what do you consider to be your most valuable asset? Your home? Your car? Think again.
It’s your income. As devastating as it would be to lose your home or other physical asset, you could recover, as long as you have an income. However, if you lose your income, everything else has the potential to come crashing down.
In most situations, the ability to earn an income comes from their ability to work. However, statistically there is a high likelihood that all of us will be unable to work for more than one month due to injury or sickness at some stage in our working life. If this happens to you, will your family be able to meet its financial obligations without your income? If the answer is no, then you need Income Protection Insurance.
Most people don’t think twice about insuring their physical assets, but overlook their most important one – their ability to earn an income. Income Protection Insurance can provide you with up to 75% of your income for a pre-determined time. And, unlike most other personal insurance the premium is tax deductible.
Some statistics that might surprise you:
- Close to 40% of people would be unable to maintain their current lifestyle if they lost their income for three to six months due to not enough savings.*
- Almost 20% of Australians would struggle to come up with $1,000 to cover an emergency expense.*
- 30% of Australian households are living from payday to payday.*
If you fall into any of these categories and don’t have Income Protection Insurance, then regardless of how much you earn, you are only a nasty accident or illness away from financial difficulty.
Get some quotes today and give yourself and your family the peace of mind you all deserve. Click here to arrange for an Austbrokers Phillips Personal Insurance Advisor to contact you or call us on (03) 8586 9333.
* Ernst & Young survey of almost 5,000 people, commissioned by BT, 2013.