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Income Protection Insurance-5 reasons why you need it now
You don’t think twice about insuring your car, your home or your contents but when it comes to your income, you hesitate-why?
Did you know that of the working population, 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 6 months or more from work*?
- Income protection insurance will replace 75% of your income up until you retire, if you can’t work again.
- You can choose the option to add up to a further 10% to replace your superannuation contributions, so that when you do retire, there will be something to retire on!
- Income tax is tax deductible to the owner of the policy, so if you are paying for your income protection from your own expenses you can claim a tax deduction.
- You can pay for your income protection insurance from your superannuation money.
- There are a lot of differences in policies, waiting times before you receive your money, benefit periods on how long you are paid for and occupation types that will change how much your policy will cost.
Because income protection insurance policies are tailored just for you, there can be a lot of options and this can be confusing.
I don’t want to see you worry about your money like the couple in the photo above.
If you could not maintain your current lifestyle during illness or injury, call Katherine Hann 08 82999927 to organise an income protection policy today.
*Source: Institute of Actuaries December 2006