Protecting your most important asset
It’s easy to assume challenging times tend to affect other people. But the reality is any one of us can suffer an accident or illness that stops us from doing our job – even at a relatively young age. Which is why income protection insurance is such an important investment at every stage of our lives.
As a young person, it’s easy to think few things have the potential to affect your income. But every day, people who are really just at the start of their lives experience events that mean they are temporarily unable to perform their role and earn the salary they need to support themselves and their family. As a result, income protection insurance is an essential cover for most of us.
Accidents and illness can happen to anyone, whether it’s an injury from playing your favourite sport on the weekend, an accident whilst skiing on holidays or an unexpected illness striking you down unexpectedly.
We are all at risk of suffering an accident or serious illness. In fact, when it comes to cancer alone, according to the Australian Institute of Health and Welfare’s 2012 report Cancer in Australia: An overview men have a one in three risk of being diagnosed with cancer by the age of 75, whereas for women this figure is one in four.
Income protection provides financial support for people suffering a range of illnesses including cancer, heart attack and stroke. This type of cover is one of the main ways to protect your finances should you suffer a serious accident or illness. Let’s take a look at how it works.