Income protection is a monthly benefit that replaces your income if you’re unable to work because of an accident, illness or injury. It’s about giving you the opportunity to focus on your treatment and recovery without having to worry about how your family will be affected. Income protection insurance is also generally tax deductible, so you’re compensated for safeguarding your future.
Most income protection insurances will pay you up to 75% of your income, and you can choose to be covered for a specified period of time, or for the entire period you’re unable to work even if you never work again, in which case your income protection will end at your retirement age.
Rebecca works full time, while her husband Ben runs a business from home and looks after their son. Rebecca takes a fall at work and is forced to take 5 months break from work while she recovers.
Her income protection insurance entitles her to 75% of her pre-injury income. After the waiting period, these payments commence and her family is able to make the necessary adjustments to their lifestyle and business to accommodate the change.
If you were forced to take time off work, would your family be protected?
Your Resolve Financial Planner will work with you to understand your situation, both personal and career to ensure that your income protection plan is specifically suited to you, your family, and your field of work.
To find out more about our income protection insurance options, talk to one of our mortgage brokers in Perth and Melbourne today.