If you were unable to earn a living due to illness or injury for a few days or a few weeks, you may have sufficient sick leave at work to cover yourself.
If it was a little longer, you may have sufficient savings to get you through. But what if it was a few months or a year? What if it was many years or a decade or more?
If you are lucky, you may have disposable assets to sell, but that could leave a huge dent in reaching your financial goals. You may be able to live off credit cards for a few months, but that is not a sustainable strategy.
For the average Australian, being unable to earn an income for a sustained period of time will quickly result in financial pain, and in the worst case, possible bankruptcy.
Income Protection is a cost effective – and tax deductible – way of protecting yourself. Income Protection will pay up to 75% of your pre-claim income for a period of time determined by the type of policy you have.
In the unfortunate event of injury or illness affecting your ability to work, instead of worrying how you will meet the next mortgage repayment, you can rely on your income protection policy and concentrate on your recovery whilst knowing that your financial goals and aspirations are still on track.
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