We have found that the financial consequences of a disability could be devastating for you or your family and those that depend on you. An average income earns in excess of $1.5 million throughout a working lifetime and a far greater amount for business owners. A prolonged absence from work or a return to work in a reduced capacity could have a severe impact on people's financial security.
Statistically for every house lost through a fire there are 4 houses lost due to a death where the owners had no life cover. However, there are 60 houses lost compared to each one lost due to fire because of a disability due to no Income Protection and the home has to be sold as the owners cannot maintain mortgage payments.
Whether you are self employed or an employee this cover is incredibly important to maintain your living expenses. It is also tax deductible for both.
Income Protection plans have a range of features and additional options that allow you to customize the products to suit your individual circumstances. You are considered disabled when you are under the regular care of a doctor and because of your disability you are unable to work in your own occupation for 10 hours per week and are not working.
Instances such as viral infection, chronic headaches, RSI, Depression, Hepatitis C, Shingles, Stroke and Cancer are examples of some issues that have made people unable to continue working and loose their incomes. In all of the above cases the Insurer has paid until the person involved was well enough to return to work which has enabled the person to maintain their financial commitments such as mortgage payments, leases, rates, food bills etc.