A Financial Services Partners Adviser can help assess how Income Protection insurance can help you protect what is important.
What is Income Protection insurance?
As the name suggests, Income Protection is the best way to protect your current income if you are unable to work due to illness or injury. Income Protection insurance pays up to 75% of your gross annual income, in monthly payments, to cover your living expenses. It has waiting and benefit periods that can be designed to suit your specific needs and the premiums are generally tax deductible.
What kind of goals can Income Protection insurance be used for?
We readily insure things like our house and car. However, we often neglect to consider the need to protect our ability to earn the income that is essential to meet our day to day living expenses.
You should consider Income Protection insurance if you have:
- debts, such as a mortgage, credit cards or personal loans. If you were unable to work due to illness or injury, how would you continue meeting your repayments?
- the need for regular income to pay for ongoing family expenses, such as food, household bills, rates, school fees or running a motor vehicle.
Your Financial Services Partners Adviser can determine if Income Protection insurance is right for you, after they consider your needs and objectives. They can also determine which other wealth protection strategies can best meet your needs.
Talk to us about how Income Protection insurance might work for you