For the vast majority of working Australians, our ability to earn an income is our single greatest financial asset. A loss of our potential to work and generate an income can have significant repercussions on our financial stability and goals for the future. Medical conditions that make you unable to work, such as an injury or illness, can be offset through the purchase of an Income Protection policy.
Income Protection benefits can be payable for events that last a short duration such as recovering from an injury or surgery, right through to longer duration claims or those that impact the ability of the insured person to work the number of hours they were previously capable of. According to the Financial Services Council (FSC), in 2019, there were 5.8 million Income Protection policies in force with 95% of lodged claims paid, 33% of which were as a result of an accident.
The majority of Australians believe that insuring their car and house is the most important insurance decision. This is worrying given that 36% of Aussies are in a position to live off savings for four months or more if they lost their source of income. 16% (or about 2 million Australians) are living day to day and they could only survive for one week or more if they lost their jobs.
If you’re currently earning an income and do not have Income Protection cover in place or you have an Income Protection policy which you haven’t reviewed within the last 12 months please get in touch with us today.
The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.