November 10, 2017
It’s likely you would insure your home, your car, and even your possessions. But what about protecting your lifestyle – your income, mortgage and even your life?
It’s easy to assume, ‘It’ll never happen to me”, but according to the Australian Bureau of Statistics, 3 in 4 Australians will be diagnosed with a serious illness at some point in their working life. It’s quite an alarming thought!
So, are you protected should the unexpected occur?
There are many different types of personal insurance cover, which can make it overwhelming to know what you really need. So it’s important to speak to an expert who can help you understand what you actually need, and can research and compare your options to find the right cover for you.
So let’s take a quick look at the different personal insurance cover options, so you can find out more about what you might need.
Income Protection Insurance
So what would you do if illness or injury stopped you from working, even if just for a little while – would you be struggling for cash to keep paying your bills? Or being forced to dip into your savings, or even fall heavily into debt, to maintain your lifestyle?
Well, income protection insurance can give you peace of mind, knowing that you and your family are protected should the worst happen.
Also referred to as ‘lifestyle cover’, income protection provides a regular payment worth approximately 75% of your wage or salary should injury or sickness prevent you from being able to work. This type of cover can be very affordable – even starting from as little as $2 a day. In addition, the premiums can usually be claimed as a tax deduction.
A recent study in Australia showed that 60% of families with dependents will run out of money within 12 months if their breadwinner died*. Life insurance cover will allow you and your family the financial protection it needs should the unexpected occur.
Mortgage Protection Insurance
If you own your own home or are looking to buy a new home, this cover is important. Since this is one of the biggest financial commitments you will make in your life, it’s sensible to be able to keep up with your home loan repayments even in the worst of times.
This type of cover works to adequately protect your investment property and it’s contents, so you can have peace of mind it’s safe and secure.
This is quite a common type of cover – to keep you and your loved ones protected behind the wheel with comprehensive cover that suits your needs.
Home Building and Contents Insurance
There are a range of benefits and features to offer you the comfort of knowing your home and belongings are well protected from everything from theft to fire.
You might also like to watch our short video below, “What are the different types of personal insurance cover?”, that explains each of the main types of personal insurance cover you may need.
At Mortgage Choice, we know that you work hard to achieve your lifestyle. So it’s certainly worth protecting with personal insurance.
If you want to have a quick chat about your insurance options, don’t hesitate to give our team a call on (08) 9485 0090. We’d be happy to talk you through what you might need to keep your lifestyle and loved ones protected.
You might also like to read:
- How Mortgage Choice does it better
- How long will interest rates stay low - is now the time to fix?
- Looking for a great deal on car finance?
*IFSA (2005) A Nation Exposed: Investigating the Issue of Underinsurance in Australia, Rice Walker Actuaries and TNS Australia, Sydney