Income Protection Insurance Sydney
What protection strategy do you have in place to safeguard you and your family if you could not work?
If you become sick or suffered an injury, how would you meet your financial commitments?
Many people believe that they are covered with worker’s compensation, or that private health insurance will cover them. The unfortunate reality is that this is not the case.
If you were to suffer a serious accident and couldn’t work, it’s not uncommon to think that worker’s compensation will take up where your pay stopped. However, the fact is that more than half of all serious accidents occur away from work [1], this means that if you suffer a serious accident outside of work, you would not be covered. Private health insurance can help out with paying medical bills, but how are you going to pay your mortgage? Or your water bill?
Income protection pays you a monthly amount based on 75% of your income if you were unable to work because of sickness and/or injury. It can help provide the monthly finances you need to:
- Replace lost income
- Meet ongoing living costs
- Take care of the needs of your family
Case Study
Stephen (30) was enjoying a week’s holiday at the snow with 2 of his friends. While Stehpen was there, he was involved in a snowboarding accident, which left him with 2 broken ribs, a fractured pelvis and a punctured lung. This 7 day holiday had resulted in 4 months off work and as this accident occurred away from work, worker’s compensation did not cover him.
Luckily, Stephen had income protection in place and received 75% of his income whilst he was not working. This allowed Stephen to maintain his mortgage payments and pay for living expenses without having to borrow money or use his savings.
[1] Source: ABS National Health Survey 2004-2005
Call us today on (02) 9266 2269, Ask a Question or Make an Appointment with one of our experienced financial advisers. Our First Meeting is Cost and Obligation Free.
