Are you the sole breadwinner in the family? If yes, did it ever occur to you at one point how your family will survive in case you run out of work? This thought may not happen in the near future, but it pays to be prepared so that this scenario will not catch you by surprise. In fact, in Australia alone, about 60% of families with dependents will run out of money in one year time if their sole breadwinner becomes incapable to work. So you choose, do you want to be a part of this statistics or not?
Although it’s quite easy to say that you’re very much secured in your job right now, the mere fact that accidents or illness can strike anyone at anytime, you must be doubly prepared for the worst. What if your sickness needs treatment for a long duration? Or if your accidental injuries require lengthy recovery? How would you and your family be able to pay for your medical expenses and buy your basic needs? It can be quite frustrating if you’ll resort to securing a loan for this, or worse, sell assets and other valuables just to have enough money to live by. So to avoid doing any of these, you must protect your ability to earn an income the soonest.
Now, you might say, “What’s in it for me if I purchase an income insurance policy?” Well, listed below are the 4 ways on which you’ll benefit from income protection insurance.
1. If you become incapable to work due to sickness or accidental injuries, you are eligible to receive 75% of your pre-tax income from your policy. Without this, you’ll rely only to your health insurance, that is of course if you’ve got one.
2. Loss of income can be synonymous to stress, especially if you’ve got mortgage to pay and other loans to settle. So typically, income protection insurance provides you with the peace of mind, knowing that in difficult times like this, you’ve got something to turn to that can help you meet not just your family’s living expenses but your personal obligations as well. Now, you can focus on recovering, while the payout you receive from the policy takes care of all your financial worries.
3. Without income protection insurance, your life’s savings can easily get depleted, considering the high cost of medical expenses these days. You sure don’t want this to happen, do you? So, get yourself covered to enjoy financial assistance right when you need it.
4. How about some tax deductions? Yes, this does help reduce the amount of tax you pay. So if you keep on paying high income taxes every year, consider purchasing a policy that will help you not just in securing your income but also in reducing your income tax.
You may have stopped earning due to some inevitable reasons like sickness and accident, but with income protection insurance coverage by your side, you’ll never have to worry where to get the financial help that you need. So, go and get yourself covered today!