Protecting my lifestyle
No income? Lots of worries
Did you know that the chances of becoming disabled and unable to work for more than 3 months before the age of 65 are 1 in 3. 1 Compare that to the chance of having your car stolen (over a 35 year period) being 1 in 21, yet many of us only choose to insure our cars. It makes sense to protect your income. 2
Imagine you have glandular fever, a broken arm or a nasty accident and as a result you require a long period off work for rehabilitation. During this time would you be able to meet repayments on your mortgage, your car, your credit card and pay any bills?
This is where we can help you get through the tough times with Westpac Income Protection.
Under your Income Protection policy, you can claim a monthly benefit payment and the attached nursing benefits for the time you are in hospital. Westpac Income Protection helps you continue to pay mortgage costs, car and other expenses despite your time off work because your insurance is protecting you and your family.
How much income protection cover do I need?
One way to calculate this is by looking at your circumstances and working out how much you will need to cover your ongoing costs and bills, including mortgage, car repayments, child care, medical costs, bills, and general living expenses. Alternatively you may decide to take out income protection cover of up to 75% of your income.
There is no point in having overlapping policies or small amounts of cover that won’t effectively protect you or your family. Talking to a Westpac Financial Planner 3 is a great way to arrange the right cover for your peace of mind.
What are my other options?
We have other personal risk insurance options that can help protect you against temporary loss of income for things like covering bills, mortgage payments, general expenses and medical expenses.
Review your options:
I don’t have large financial commitments
Perhaps you are at a stage in life where you don’t own property or have large financial obligations to meet each month. Maybe you only have a personal loan for your car, or a credit card for day to day expenses. In this case you may wish to consider:
Things you should know
- 1.Calculations based on data of every working Australian, Institute of Actuaries of Australia 2000. Interim Report of the Disability Committee. IA Aust; Sydney.
- 2.Compiled using statistics from the national Motor Vehicle Theft Reduction - Theft Watch. No.14 March 2005.
- 3.Westpac Financial Planners are representatives of Westpac Banking Corporation, AFSL No 233714.
