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Income Protection Insurance

Income Protection as the name suggests is a form that replaces your income in the event that you are unable to work for an extended period of time. It pays up to 75% of your average annual income, on a monthly basis and is designed to cover your living expenses if you are unable to work due to sickness or injury.

Income Protection has waiting and benefit periods. The waiting period refers to the number of days before the commencement of income protection cover benefits, normally 14, 30, 90 days or possibly 2, 3 or 5 years after the claim is lodged.

If you have sufficient savings to last one or two years, you may choose to have cover that only starts after say the first two years, bearing in mind the longer the waiting period, the cheaper the premiums.

Why take out Income Protection

Imagine trying to pay your mortgage or other debts if you were off work for an extended period of time due to sickness or injury. The bottom line is you simply couldn’t, with the end result being you’d lose your house.

You can’t rely on sick leave as this normally only last a few weeks at best, so how would you pay for the simple things in life such as food, bills, school fees etc.

Income protection gives you the peace of mind, that should anything happen and you can’t work for a period of time at least you can focus on your recovery knowing that your bills and mortgage repayments will be taken care of.

For an obligation free assessment why not contact one of our experienced Financial Advisors on 1800 111 455 and put your mind at ease.

 
 

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Tony Bice is an Authorised Representative of Pivotal Financial Advisers Limited (Authorised Representative No. 295215). 
Pivotal Financial Advisers Limited is the holder of an Australian Financial Services Licence Number 237857 issued by The Australian Securities Investment Commission (ASIC).We understand that the details you provide us are private and personal. It's important that you feel secure whenever you deal with us. It's also important that you understand how we protect your privacy, as well as how, when and where we may use your details. Security of our customers’ information is of great importance to us, and we have taken all reasonable precautions to ensure that your details are protected. We use proven technology and physical security measures to ensure the highest levels of protection. We’re constantly monitoring technological and industry developments to ensure we keep up to date and continue to provide you with strong security. Whilst it's true that no system is ever completely secure, we believe the measures we have implemented provide more than adequate protection.
The contents of this document are intended for information purposes only and may contain personal opinions of the author. It is not intended to be a substitute for specific financial or legal advice. Before making any decisions you should consider your personal situation, objectives and needs. While all reasonable care has been taken in the preparation of this information, we take no responsibility for any actions taken based on the information contained in the newsletter or for any errors or omissions.