When Katy Paton bought her new home with her husband, she decided to take the opportunity to look at all her insurance needs. Four months later, the unthinkable happened. She and her family were involved in a serious car accident whilst on holidays in Tasmania.
Having the right type and level of cover in place can make a huge difference to you and your loved ones if you need to make a claim.
Do you have the right cover in place?
Income protection replaces up to 75% of your income (and 100% of your superannuation contributions) while you are unable to work at your full capacity due to sickness or injury.
This replacement income enables you to pay:
Income and future earning capacity is our greatest asset. All our dreams and ambitions are generally tied to our ability to earn, and with this income gone these dreams may not be achievable. You can avoid the financial stress of drawing down on assets or taking on more debt simply by taking out income protection insurance.
Income protection insurance is necessary for anyone who would need to replace their income if they are unable to work. To ensure that you and your loved ones are protected, please speak to a financial adviser.
Chris Black is an award-winning financial planner based in Toowoomba who specialises in personal insurances including life insurance, income protection, total permanent disability and trauma insurance. To discuss your insurance protection needs, please email us at firstname.lastname@example.org or book online.
Written by Emma Linton Doig, Practice Officer at Fortress Financial Solutions.
Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.