Income Protection Insurance

Income Protection Insurance

Your biggest asset is not your home, or your car – it is your ability to earn an income.

What’s the value of your income this year?
Over the next 5 years?
Over your entire working life?
How much do you rely on your income?

What are the odds of being without your income?

You have a more than 60% chance of being disabled for more than 1 month during your working life and a 1 in 3 chance of being disabled for more than 3 months1.

Notable Finding:

38% of working Australians believe they could survive without an income for less than one month before needing assets to survive1.  And it’s not just life threatening injuries or illnesses – consider broken bones, glandular fever, infections ……

Income protection replaces up to 75% (some policies 85%) of your income if you’re unable to work due to the following:

  • Serious illness
  • Injury
  • Redundancy (depending on the policy)

At OnTrack Wealth, we believe that for young and growing families, this is probably your most important insurance.  Also, anyone with a mortgage that depends on your earning capacity needs to protect their income.  And relying on Industry Super Insurance may give you false security.  It may only pay you a benefit for two years, and not up to age 70.

Can’t afford it?  Well, there are many options available:-

Extend your wait period – 14 days to 2 Years are available

Reduce your payment benefit period –  2 Years up to age 70 are available

Reduce event options and stick with the obvious – heart attacks, cancers, …?

Pay inside or outside super

Look at different premium options – stepped, level, true level ….

And that is why you need a Financial Advisor to help you along the way.  Talk to us at OnTrack Wealth for obligation free discussions.

1 The Risk Store Claims Statistics, 2014