WHY IS PROTECTING YOUR INCOME KEY?
Let’s put an important peg in the ground: Your income is your greatest asset. It is the key source you fund your life.
Most of us are not able to survive without an income, and will be in a dire situation should we become disabled. Luckily income protection benefits are there to ensure that you can continue living the lifestyle you want, should you become disabled. So as a point of departure, it is critical to consider income protection benefits as the first item in your financial plan.
HOW MUCH COVER DO YOU NEED?
The short answer to this question is to ensure that you have enough cover to continue funding your current lifestyle. But let’s unpack what that means as it is often not just a matter of putting your monthly salary back in your pocket.
ARE OUR PRIORITIES RIGHT?
83% of us have care insurance yet only 31% of us insure our income.
Did you know 20% of mortgage defaults are due to ‘illness or accident in household’
Source: lifewise.org.au.
Income protection does not pay out a lump sum but instead replaces a certain percentage of your income usually 75%.
It’s about protecting what’s most important in life.