Posted in Protect Yourself.

Income Insurance

Income Insurance pays a monthly benefit if you are unable to work because of a total disability.

Ask yourself this –

If you had an accident or became very ill and were no longer able to earn an income, how would you manage financially?

In some circumstances you may receive financial assistance from the Government. The bad news is that it's unlikely to be enough to maintain your current lifestyle, let alone allow you to plan for your future – pay off the mortgage, your children's education, retirement savings, holidays etc.

Income Cover provides you with a regular income, allowing you to live the life you want to live. You will remain financially independent, regardless of whether or not you are able to return to work.

Most people take it for granted that they will work until they can afford to retire – and for many of us that means we will still be working until we are at least 65, when government super commences.

It's worth thinking about how much you are likely to earn over your lifetime - because if something happened and you were unable to work, then that's how much you risk losing.

For example:

Let's say you are 30 years old and you earn $60,000 per annum. You have an Income Cover policy worth $45,000. If you suffered a total disability and were unable to work, here's an idea of how much income you would lose - and how much your claim would be worth:

Age when disabilty occurs

Insured Amount- adjusted annually by inflation (3%)

Total Loss of Income to age 65
31 $45,000 $2,720,792
32 $46,350 $2,675,792
35 $50,647 $2,532,484
40 $58,714 $2,263,602

Once you start to crunch the numbers you can see how much your future earnings are worth to you and your family. Insuring your income means that you don't have to gamble on your health and risk losing everything that you have worked so hard for.

Your ability to earn is your greatest financial asset and Income Cover will protect it for you.

Income Cover is comprehensive and can offer special features such as,

To discuss Income Insurance Cover or any of your other insurance needs please phone one of our Advisers on 07 578 3863 or Freephone 0800 867 323.

Income Protection Insurance