Your ability to earn an income is your most valuable asset. Your lifestyle depends on it. If an accident or illness prevented you from working, how would you cope financially?<\/p>\n
Most people wouldn\u2019t drive without car insurance, or live in their house without home and contents insurance. Yet most Australians don\u2019t consider protecting their ability to earn an income.<\/p>\n
The risks<\/p>\n
\u2022 2.6 million Australians aged under 65 are living with a physical disability
\n\u2022 Australians have a 1 in 3 chance of being diagnosed with cancer before
\n turning 75
\n\u2022 690,000 Australians were injured at work between 2005 \u2013 2006, with 43%
\n not receiving any financial Assistance
\n\u2022 More than 60% of Australians will be disabled for more than one month
\n during their working life
\n\u2022 More than 25% of Australians will be disabled for more than three months
\n during their working life<\/p>\n
The reality<\/p>\n
Without an income, mounting debts can cause additional stress. How long can you afford to cover your expenses, without completely draining any savings safety net? A health setback doesn\u2019t have to affect your financial wellbeing. Income protection will compensate you for any time taken off work. Still, many Australians don\u2019t take out insurance protection because of some common misconceptions<\/p>\n
\u201cI\u2019ll be covered under Workers Compensation\u201d<\/p>\n
Workers Compensation is limited. It only applies if you are injured during working hours or for illness directly resulting from your employment. If you\u2019re self- employed, you may not even have this cover.<\/p>\n
\u201cI can\u2019t afford it\u201d<\/p>\n
Income Protection premiums are tax deductible and can cost less than $4 per day.<\/p>\n
What is Income Protection Cover?<\/p>\n
Income Protection Cover pays up to 75% of your income if you are ill or injured. This money can help you and your family manage your living expenses while you recover.<\/p>\n
What are the cover features?
\nHere are just some of the features you can expect with Income Protection Cover:<\/p>\n
\u2022 Tax deductible premiums: Your premiums are generally tax deductible,
\n allowing cover to be very affordable.
\n\u2022 Partial payments: If you\u2019re able to return to work part-time, you can
\n receive a partial monthly payment to support your transition back to full
\n time employment.<\/p>\n
What do the payments protect?<\/p>\n
A monthly benefit could help you stay on top of debts, pay for medical bills and generally give you the means to maintain a reasonable standard of living if you\u2019re not able to earn an income.<\/p>\n
\u2022 Mortgage repayments: Whatever happens, there will be funds available
\n to safeguard the family home.
\n\u2022 Day-to-day expenses: Everyday bills can really add up. Without the
\n ability to earn, this money can help cover living expenses like food, utility
\n payments, clothing and schooling.
\n\u2022 School fees: With continued income, you can continue to afford to send
\n your children to the school of your choice.
\n\u2022 Additional care: Disabilities often incur the need for additional care or
\n help around the house. Ongoing income can help to cover this.
\n\u2022 Rehabilitation: Rehabilitation is often required to support your transition
\n back to work. Ongoing income will help you to afford this.
\n\u2022 Retirement savings: You can select options that will cover up to 85% of
\n your income to help maintain your retirement savings. <\/p>\n","protected":false},"excerpt":{"rendered":"
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