An Important Question
What is your biggest asset? Most people usually answer their house or their car.
What about the thing that lets you make the mortgage payments or car loan repayment? Your ability to work is one of your biggest assets. How will you pay the mortgage if you can’t work because you are sick?
Your house is insured, your car is insured. What about your ability to work? It can be insured. This type of insurance is called income protection insurance.
If you have income protection insurance, and you can’t work because of sickness or an injury not covered by Workcover, the insurance company should pay you monthly to replace part of your income. You will be able to make your loan payments.
It is very important when you take out an Income Protection Policy that it suits your circumstances. It really pays to deal with an expert. I work with Steve Culpitt of Arrow Focus on Wealth who is an expert and ready to give you the right advice.
Finally, the cost of income protection insurance may be Tax Deductible.
Contact me if you want to you want to arrange a meeting with Steve to discuss your insurance needs.
The comments on this page are of a general nature only and not intended to be specific advice. Before acting on any of the comments contained in this website we advise you to seek advice from an appropriately experienced and qualified adviser.