5 Reasons to Consider Income Protection Insurance

If you are still working and rely on your consistent income, the idea of not being able to work due to serious illness or injury might seem like an impossible nightmare. It’s one thing to imagine it happening, but quite another to actually be in that position.

So, in case you’ve been on the fence about income protection insurance, we’ve got five reasons why it might be worth taking a closer look.

1. Maintain your existing lifestyle
Income protection can help provide an alternate stream of income allowing you to focus on getting back on your feet if prolonged illness or injury prevents you from doing your usual job.

2. Reduce financial stress on family members and loved ones
It’s a good idea to consider income protection if you’re the sole earning family member. It may help ease financial stress on your loved ones if you’re out of action due to serious illness and injury.

3. You’re a small business owner or are self-employed
Being your own boss also means you don’t have paid benefits like sick leave and annual leave to fall back on if something happens to you. Income protection offers a financial safety net if you’re off work, so you can focus on your recovery.

4. Plan for the future
Consider having a plan in place if the unexpected happens. How would you cover your existing ongoing expenses like rent or loan payments?

5. Possible tax benefits
Your income protection premiums are generally tax deductible if you hold a policy outside of super. There are options and flexibility to lower your premium. Choosing a longer waiting period before you start receiving your benefit is one of them.

If you would like to discuss about income protection insurance for you, give us a call.