Insurance Solutions

What if I lose my income, either temporarily or permanently?

While most of us don’t think twice about insuring our car, home, contents and maybe an investment property, but many of us don’t think about our most valuable assets - our health and income. Take a look and see, what are your most valuable assets?

Have you truly considered the consequences of losing your income, and the financial impact it might have? Why don’t you take a look and see, how much is your income worth?

What types of protection are available?

As there are a variety of things that can happen to you and your family, we offer a range of protection policies offering either a lump sum payment or monthly benefit for future peace of mind.

Review your options:

• View all disability and living insurance
• View all income protection and business overheads

How much cover do I need?

Lump sum benefits

If your cover provides a lump sum benefit you should look at being able to clear outstanding debts such as your home loan, car loan and any medical costs, plus provide an ongoing income stream through investment. You should also consider your spouse’s income stream, as they may not be able to work due to new commitments.

Monthly benefits

Your cover may pay an ongoing monthly income if you are unable to work due to illness or injury.

One way to calculate how much you need is to look at your circumstances and work out how much you will need to cover your ongoing costs and bills, including mortgages, car repayments, child care, medical costs, bills, and general living expenses. Alternatively you may decide to use your after tax wages. Income protection insurance can only provide up to 75% pre tax wages so you may want to look at Total and Permanent Disability Insurance in case the worst should happen. 

Where can I go for advice?

Talking to one of our qualified financial planners ¹ is highly recommended. They can help you establish what protection you need, identify what gaps currently exist in your personal protection plan and recommend personal insurance options to suit you and your family’s needs.