Life can be unpredictable

Life can be unpredictable, so it's essential to plan for the unforeseen. This is particularly true for those with families, and those who are the main breadwinners in their households. Your income is able to provide your family with all the necessities it needs to flourish - but what if the unexpected meant that you were no longer able to work?

Regardless of your occupation, you should consider Income Protection insurance.

Protecting your future income.

The following table shows how much you could earn by the time you reach age 65. Isn’t it worth protecting?

Current income (pa)	Age now
	25	35	45	55
$40,000	$3,020,000	$1,900,000	$1,070,000	$460,000
$60,000	$4,520,000	$2,850,000	$1,610,000	$690,000
$80,000	$6,030,000	$3,810,000	$2,150,000	$920,000
$100,000	$7,540,000	$4,760,000	$2,690,000	$1,150,000

Assumes income increases by 3% pa.

Income Protection insurance pays up to 75% of your pre tax income if you are unable to work due to illness or injury.

Most income protection policies offer a range of waiting periods before you start receiving your insurance benefit, ranging from 14 days to two years.

You can also choose from a range of benefit payment periods, with the maximum cover generally available up to age 65.

As with all personal insurances, it is important to have your cover specifically tailored to your individual needs. There are many variables which need to be taken into account when determining the appropriate cover for you.

Many people have some form of automatic income protection insurance through their superannuation. Whilst having cover through your superannuation fund is a good thing, the quality of this cover can sometimes be poor.

The level of cover is often a default unitized amount which does not reflect your true salary income. These policies often only pay out for up to two years. If you are still seriously ill after two years, the payments simply stop.

In most cases, the cover provided does not meet your personal needs.

Please call us on (07) 3284 7752 for an obligation free review of your Income Protection needs.