Income protection insurance can help provide a cash flow when you’re unable to work because of illness or injury. It can feel like having a safety net designed to protect the lifestyle you and your family work hard to create.
However, not everyone has income protection insurance. If you’re one of those people here are five good reasons to consider it:
1. Financial commitments – If your children’s education depends on your income, or you have a mortgage, loans or investments which require regular repayments, you might want to consider income protection insurance. The financial cost of defaulting on any of these payments may be higher than the cost of the income protection itself.
2. Daily cost of living – Does your income support your family’s basic living costs like food, housing and transport to school and work? You don’t need to be the main bread winner for your loss of income to have an impact on your family.
3. Amount of savings – Do you have enough savings to support your lifestyle if you were unable to work for a prolonged period of time?
4. Working for yourself – If you’re a sole trader, will you be able to cover the expenses of your business if you were unable to work because of a sickness or injury?
5. Tax savings – Income protection premiums are generally tax deductible.
If you're interested in seeing how much an Income Protection Insurance policy from Insuranceline could cost you and what you might be covered for, head to our simple quote tool and enter your details for a quick quote in under two minutes.
Products issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848. Involuntary Unemployment Cover issued by St Andrew’s Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649.