Income Protection Insurance
Is your most important asset your house, car, contents or…..your ability to earn an income and protect your lifestyle?
Most people consider insuring the first three items listed above, but neglect the fact that to acquire those items your ability to earn is paramount!
If you're unable to work due to injury or illness, your groceries, power bills, fuel and your rent or mortgage still need to be paid. Income protection insurance can help make sure your family’s everyday essentials are still covered.
If you take a static income of $50,000.00 per annum for a person 30 years of age with 30 years until retirement, at 65 years of age the loss of income would be $1,500,000.00.
What is Income Protection Cover?
Income Protection Cover pays you a regular monthly payment if you're unable to work temporarily or permanently because you are sick or injured. Income Protection Cover is designed to provide you with money to live on, pay your bills, and above all allow you to meet your mortgage obligations while you're not receiving your salary or wages.
The benefits of Income Protection Insurance
Income Protection Insurance provides you with a monthly payment to help you cover the bills if you’ve suffered from injury or illness. It’s easy to apply for by contacting Scott on 03 980 4541 or by email on firstname.lastname@example.org
Other benefits for income protection include:
- Receive up to 75% of your income, every month you're off work – from a 2 year benefit right up until age 70.
- Select how long you have to be off work before you receive payments
- Choose a payment period to suit you
- Access to lower premiums for a longer wait period
Common questions about Income Protection Insurance
How much income protection cover do I need?
The level of income protection cover you choose will depend on your needs. Things you'll need to consider:
- Do you have mortgage payments to cover?
- So how about the credit card bills or hire purchases?
- Also is your income covering all your regular spending such as groceries, electricity bill etc. or does your spouse or partner work and contribute too?
Can I use my income benefit money on anything?
If your claim is accepted, it's up to you to decide how to use the money. Maybe you'll need to cover bills such as your mortgage or day-to-day living costs. Hence to ensure that your family's lifestyle is less affected by your inability to work.
Can my spouse/partner be covered too?
We don't offer joint income protection cover but your spouse/partner can apply for Income Protection.
Do you need help determining the right level of Income Cover?
To see how insurance cover would best suit you and your circumstances feel free to contact our Insurance Advisor, Shane Blummont.Contact Shane >
Published by Scott Miller
Today's announcement on Mortgage Holidays
With today’s announcement by the Finance Minister about 6-month mortgage holidays, we have been inundated by enquiries from our clients.
As first home buyers we had no idea what we were doing and wanted to put an offer on a deadline sale.Anna and Gareth Davies - 9th October 2014 - 09 October 2014
We were made to feel comfortable throughout the whole process.Leonard and Elsa Gardner - 20 October 2015 - 20 October 2015
Scott and Jo demystified the whole process and helped us buy our first investment property.Neil and Brigitte Glasson - 17 January 2017