How long will you be able to meet all your regular expenses if you lose some or all of your income? Will it bea year, six months, ornot even a month? Think about what sacrifices you would have to make – would you have to consider selling your property? Or something smaller, like being unable to have your child’s birthday party?
Financial stability,having enough put aside for a rainy day, is something we all hope to achieve.However, most of us avoid thinking about it and even less of us do something about it.
When you lose your income it’s not just you who will experience the financial strain but also your family. It can cause a significant amount of added pressure on families at a time they can leastcope with it.
It’s for reasons like these thatincome protection insurance is a vital financial strategy for your family. It pays up to 85% of the value of your income if you are unable to work, so that your quality of life can be maintained whilst you’re getting better.
Income continuation, even if you can’t work
None of us want to think about the uncertainties that could happen in our livesshould we suffer a significantillness or injury. However, the reality is that every day hundreds of Australians find their lives unexpectedly turned upside down because of unforeseen health problems.
If you have an income protection policy, the benefit payments you receive can easily cover bills such as school fees, groceries, health care, child care and other expenses. This means you can focus on recovery rather than worrying about bills.
Get covered while caring for a sick child
Some insurersprovide an additional benefitfor a sick child. If you are not able to cover the cost of your child’s treatment, the right income protection insurance can help you.
Parents whose child suffers from a serious illness might need time to take care of them.A lump sum benefit payment from your policy may allow you to choose take the time off work that you need to care for a sick or injured child without additional financial pressure.
Keep in mind that not all insurers offer this extra option, but insurers such as Aspect Underwriting do.
Helps you get back to a normal life, more quickly
Being without an income for even a short time can have a huge negative impact on the financial position of most people. You might run out of savings, have to sell the family home, change your children’s school or delay retirement plans. It can make a real mess of your life plans.
It can take years to get back to normal again after a period without a steady income – some people never get there. Income protection insuranceis an investment against such an event.You are protecting the wellbeing of your family and hedging against the potential consequences of not being able to work. The lower the consequences, the higher thechance of everything quickly getting back to normal.
Reassurance for your family
Just because you’re unable to work, does not mean all your bills will disappear. In fact, without an income your bills will simply continue to mount up. Also, your medical bills may become expensive. With proper income protection insurance, a continuous income stream will allow youto cover those expenses.
Having income protection offers you and your family peace of mind that if you are struck down with injury or illness and can’t work, you’re financial position can be maintained.