Its an interesting thought that in Australia our cars and homes are better insured than our income! It doesn't make sense that our most valuable asset – our income – is not widely insured. You may think that your sick leave or long service leave will tide you over if you can't work for a while due to an injury or illness, but what if your recovery time took years, or if you couldn't return to work at all? How would you cope? How would your family survive without your income? The mortgage, rent, school fees, loans, bills and day-to-day expenses will continue to need to be paid.
Income Protection Insurance will pay you up to 75% of your current salary in the event that an illness or injury prevents you from being able to work. Once your waiting period is over, you will recieve your payment monthly for as long as your benefit period, or until you can return to work.
Income Protection Insurance is not expensive, and is even more affordable as the premiums are tax deductable, meaning that you will recieve a tax benefit each year! It just makes sense to ensure that your salary is protected no matter what might happen.