Income Protection Insurance can be a real life saver!

Have you thought about what would happen to you and your family if suddenly you found yourself unable to work?

Would you be able to support your family if you were injured or sick and needed to take several months off work?

Income protection insurance, sometimes known as salary continuance, can help provide you with income to manage your expenses if you are unable to work for a certain amount of time.

Unlike other life insurances that are paid as a lump-sum, Income Protection is a monthly benefit that pays you up to 75% of your income and covers you for accidents, illnesses or major traumas. It generally pays you up until you return to work (after your waiting period) or, if you can't return, up until the benefit period. This can be up to age 65 depending on the policy and your occupation.

Income protection is tax deductible and is designed to ensure that you can continue to pay the mortgage, general household expenses and carry on financially until you are able to return to work.
It is an important part of an insurance portfolio for anyone who is the main income earner for their family or for anyone who relies on the income from their ability to work especially self-employed people or professionals.

Each income protection policy has its own definition of disability and range of benefits. Some important options you need to consider when choosing an income protection policy include:

• Waiting period - this is the amount of time before you can make a claim.  It can be anywhere from 30 days to 2 years.
• Benefit period - this is the length of time the income payments will be made. Generally, the benefit period ranges from 2 years to age 65.

Your Financial Adviser can assist with personal life insurance to protect your income in the event of death, injury or illness.  To find out whether you have appropriate and accurate cover, why not schedule a meeting with your financial adviser now?

Disclaimer
Information current as at 3 March 2016 - This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product.