Income Protection: How would you survive?
Have you ever wondered what would happen to you and your family if you were suddenly struck down with illness or were in an unexpected accident and couldn’t physically work? If you were unable to earn an income, what would you do for money? Sure, you may have some sick days up your sleeve but when they run out, then what?
Could you survive financially if you couldn’t work?
- How would you meet your mortgage repayments?
- Think about your credit card debt or any other personal loans
- How would you pay your bills or even put food on the table?
- What about your business, could you keep it operational if you were unable to work?
Insurance industry statistics suggest that every working Australian has a one in three chance of becoming disabled from working for three months or more before turning age 65. What can you do to protect yourself against this happening to you? Why not take out Income Protection Insurance.
Income protection insurance is similar to your home insurance. It goes to work for you by providing much needed funds if you are sick or incapacitated and unable to work. By putting food on the table, petrol in the tank, stopping the bank from foreclosing on your mortgage and keeping school fees paid. Income protection insurance can help you maintain a reasonable standard of living when you’re not well enough to go to work.
Generally, an income protection policy provides cover for about 75% of your gross earned income in the event that you are prevented from working, allowing you to maintain a lifestyle similar to your ‘at-work’ lifestyle. Also, from an accounting point-of-view, it is a tax-deductible expense meaning you will be able to claim it back in your tax return.
Maybe it is about time you considered looking into income protection insurance. If you would like to find out more about income protection insurance or find out how to obtain a policy, contact us here at mta optima and we will be able to help protect you and your family.