The choices you make now can protect you and your loved ones in a time of need.
It’s easy to assume ‘it’ll never happen to me’, but none of us are immune from illness or injury, and the lifestyle you’ve worked so hard to enjoy can quickly be replaced by financial struggle. It makes personal insurance an essential part of your wealth creation plan.
It’s mad to think that most of us don’t think twice about insuring our home and car, but hesitate when it comes to protecting our income. Likely your largest asset, protecting your income is as important as growing it! Bills don’t stop when you’re unable to work and the cost of recovery can add up.
Finding yourself in these circumstances is emotionally demanding, and the last thing you would want to have to think about is your mortgage and car repayments and day-to-day living expenses. Even is you’re only out of work for a short period of time, your finances could be significantly stretched.
Income protection insurance pays up to 75% of your income if you are ill, injured or 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.
We might take our health for granted and have the mentality that nothing bad could ever happen to us, yet its important to consider how your dependants would get by financially without you. Imagine your family coping with both personal tragedy and a dramatic decrease in their living standards – like losing their home. It’s a horrible thought.
Life Insurance pays a lump sum amount in the event of your death – helping protect your loved ones’ lifestyle and future. It helps you ensure your family could survive without your income and pay off their debts.
We probably know someone who has been suddenly diagnosed with cancer or has had a stroke. 1 in 2 Australian men and 1 in 3 Australian women will be diagnosed with cancer by the age of 85 (‘Facts and Figures, Cancer in Australia’. Cancer Council). It’s a scary thought
Private health insurance, if you have it, may go part of the way to meeting your medical bills. But it won’t provide the funds needed to support your family, keep your home or provide a decent lifestyle for yourself and those you love.
Critical Illness Insurance pays an agreed lump sum if you suffer a listed serious illness or injury, for example a heart attack or cancer, where treatments can be lengthy and expensive. It helps cover the costs of getting well, such as medical treatments, surgery and rehabilitation therapies.
Total and Permanent Disability
Suffering permanent disablement would be devastating for you and your family. With the disability pension, only around 20% of the average Australian Wage, there could be a significant impact on the lifestyle you are accustomed to.
Without a safety net, the outlook for your family’s wellbeing and your personal recovery could be challenging especially if you needed permanent care.
Total and Permanent Disability Insurance pays a lump sum if you are unable to work again due to an accident or illness that leaves you permanently disabled. It can help cover expenses such as rehabilitation, home modifications and carer fees or allow a family member to reduce their work hours to look after you.