Could you support your family if you were ill or injured and needed to take several months off work?

We all insure our cars and homes, but what about you and your family? Have you protected your greatest asset – your ability to earn an income?

If you plan to take out a mortgage or investment loan for a property, you might want to consider having income protection insurance to help you meet your monthly repayments in the event that you’re unable to work due to a serious injury or illness. Having a monthly income stream can help ease the financial burden of paying off loans or any ongoing bills and expenses whilst you’re on the road to recovery.

Most insurance companies are able to insure up to 75% of what you earn, inclusive of employer superannuation payments. This benefit is paid as a monthly income stream which can continue until age 65, provided that you’re unable to return to work due to your condition.

Having an income protection policy can provide you and your family with financial security and peace of mind, especially if have a significant amount of debt, for only a few dollars a day. The premiums are also tax deductible or you can also choose to have the policy paid from your existing super fund.

If you would like more information on how income protection can protect you and your family, please contact our business partner, Altura Financial Planning at (02) 8776 0104.