What is income protection insurance?
Income protection insurance protects your most valuable asset – your ability to earn a regular income. Without income protection insurance all the things we take for granted like managing a home loan or growing savings could quickly become impossible if we couldn’t work – even for a short time.
Yet 3 in 4 Australians will be diagnosed with a serious illness in their working life.1 Without income protection insurance how would you sustain your lifestyle and pay your bills if you were injured or too sick to work?
Income protection insurance – it just makes good sense
Most of us don’t think twice about insuring our home and car but hesitate when it comes to taking out income protection insurance.
But protecting your income is important!
The benefits of income protection insurance
Bills don’t stop when you’re unable to work, and the costs of recovery can add up.
Without income protection insurance, finding yourself in these circumstances is emotionally demanding and financially challenging. The last thing you want to think about if you’re injured or unwell is managing your mortgage or car repayments and day-to-day living expenses.
Even if you’re only out of work for a short period, your finances could be significantly stretched.
Income protection insurance pays up to 75% of your income if you are ill or injured and unable to work. This money helps you stay on top of mortgage repayments, pay for medical expenses and cover living costs like food, petrol, utility bills, clothing and school fees while you recover.
Income protection insurance is tax deductible and cover can start from as little as $2 a day. It gives you peace of mind that if the unforeseen happens, you’ll have funds to help you get back on your feet again – without putting a major dent in your savings or racking up debt.
1Australian Bureau of Statistics