Whilst most Australians insure their vehicle or home and contents, the one thing to pay for all of these items – their income – Is not insured.

 

What is Income Protection Insurance?

It protects your ability to earn an income and provide financially for your family. If you were to suddenly become sick or injured and without an income, how long could your family pay for commitments like your mortgage, school fees, bills and everyday living expenses?

You can insure for up to 75% of your regular income + super contributions.

 

Can I afford the premiums?

Income protection insurance generally costs between 1-2% of your gross salary. Plus the premiums paid on income protection plans are generally tax-deductable.

 

Can I take it out through my superfund?

Yes. You can pay the premiums from your account balance , meaning you do not need to find the cash flow for the premium

 

Is it likely I will ever use it?

Between the ages of 20 and 50, a working person has 1 in 3 chance of being off work for more than three months due to accident or illness. Income Protection insurance ensures that should you ever be unfortunate enough to fall into this category, your income will be secure.

 

Want to know more?

If you wish to find out further information about Income Protection insurance, phone our financial advisor Chris ph: 3275 7400 or email: chrisflook@kmwealth.com