We all know sometimes life really doesn’t go according to plan, and most of the time you need a plan b, accidents and other unexpected events happen. With new commitments and responsibilities, it’s important to provide for yourself and your loved ones in case of a crisis. Did you know that 77 per cent of Australians have had a disease or other health problems that had lasted, or were expected to last, 6 months or more1. Moreover, nearly 10 per cent of Australian full-time workers leave work due to chronic illness2. Another interesting statistic shows, that of Australia’s working population one in six men and one in four women are expected to suffer a disability from the age of 35 to 65, that causes a loss of six months or more from work3.
Just as you would insure your home or car, protecting your income is equally important. It’s often overlooked but your income is your biggest asset. Income protection is especially important for self-employed individuals, small business owners or professionals who rely on their ability to work.
Having income protection – a support system for your lifestyle – in place, eases the stresses of family commitments and financial obligations like bills and mortgage payments during traumatic times in your life. Allowing you to focus on more important things, like your recovery.
Benefits of Income insurance protection
- Income replacement
- Excess contributions to super
- Rehabilitation expenses benefits
- Transport benefits
- Trauma benefits
- Specified injury benefit
- Tax deductible
An unexpected loss of income can be distressing for anyone. Taking out an income insurance policy can ease the blow on you, and your family. Nobody should have to deal with injury or illness as well as the unpredicted expenses that will follow.
Vision Financial can assist you in finding the best possible income protection insurance that suits your situation and needs. Our experts are able to give you accurate advice and guidance in protecting your income from an unexpected future incident that causes a loss from not being able to work. Call us on (08) 9474 9777 or send an enquiry.
Sources:
1 Australian Institute of Health and Welfare – Australia’s Health: The eleventh biennial health report, 2008
2 Australian Institute of Health and Welfare – Chronic disease and participation in work, February 2009
3 Institute of Actuaries. Table IAD 89‑93 – white collar males and females, December 2006.
Preston Enterprise (WA) Pty Ltd (ABN 84 021 202 454 ) t/as Vision financial Strategies and Southern Financial Strategies, Authorised representative and credit representative of Charter Financial Planning Limited.
This Electronic News Article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
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