Income Protection

Why Income Protection Matters

Most of us rely on our jobs for a steady income. But what if an injury or sickness stops you from working? That’s where income protection steps in. It’s a backup plan that offers peace of mind, knowing you’ll still have an income even if you can’t work.

What Does Income Protection Do?

In a nutshell, if you’re unable to work due to injury or illness, income protection can cover up to 75% of your salary. This financial support is paid in monthly instalments, helping you take care of bills, rent, or just your daily expenses.

Do You Need Income Protection?

If you depend on your pay check (like most of us), income protection is pretty essential. It’s especially important if you’re a small business owner or self-employed. It ensures you’ve got money coming in, even when you can’t work.

How Much Coverage Do You Need?

Your income protection needs are unique. While you can typically insure up to 75% of your pre-tax salary, the right amount for you depends on your personal and family needs. It’s a good idea to chat with a financial adviser to figure out the perfect coverage level for you.

How to Make a Claim

If you need to claim, you’ll have to show proof of your illness or injury to your insurance provider. Make sure your claim is processed smoothly by providing all the information the insurer asks for.

Understanding Your Options

Different policies offer different levels and types of protection. Some might cover a set period, like up to age 60 or for two years, and may insure up to 75% of your gross earnings. Make sure you understand what your policy covers – whether it’s a level or stepped premium.

What Information Does Your Insurer Need?

Your insurer needs to know about any major life changes between applying for and starting your coverage. They also need a detailed medical history to assess your application. Not providing this information might lead to a denied claim, even for future requests.

Ready to Discuss Income Protection?

If you’re thinking about income protection and how it fits into your life, our team of qualified financial advisers is here to help. Reach out to us, and let’s make sure you’re covered for life’s unexpected turns.