Why are so many Australian’s under-insured? Or even worse, not insured at all in an event where they cannot work due to injury or illness.
Is your home insured? Your car? Your pets? But what about your income? If you answered yes to Home, Car and Pets but NO to your income, now is the time to look at your options and get serious about what COULD happen to you or your family.
- Home and Contents monthly premium is, on average, $190.07
Did you know – In Australia each year there are over 10,000 house fires.
- Car Insurance monthly premium is, on average, $67.57
Did you know – In Australia, one car is stolen every ten minutes.
- Income Protection Insurance monthly premium is, on average, $172.35 monthly premium
Did you know – Of the working population in Australia, one in six men and one in four women are expected to suffer a disability from the age of 35 to 65 that causes a loss of six months or more from work.
If your income stopped today, even for just 6 months, who would pay your bills?
Your savings account… Your partner… Your parents… Don’t know…?
How does Income Protection work?
Income Protection provides a monthly payment if you’re unable to work due to an illness or injury. You can use the payments however you wish: to cover living costs and household expenses like mortgage repayments, groceries and utility bills, to support your family (school fees, for instance) or for rehabilitation services to help you get back to work as soon as possible.
How long can I receive the benefit for?
Income Protection benefits have a Waiting Period and a Benefit Period to select from. The Waiting Period is how long you wait until you receive your first payment; 14, 30, 90 Days and the Benefit Period is how long you receive the monthly benefit for; 2 years, 5 years or until your reach age 65 or 70.
How can I pay for the premiums?
Income Protection can be paid from your superannuation balance, a Self-Managed Super fund or from a nominated bank account.