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June2018

 

Are you reliant on your INCOME?

I know everyone answers yes to this question, but so many people don't have Income Protection. The most common reason I come across is that it's too expensive! Income protection can be expensive but it can also be cheaper than most people think.

Income protection comes in many forms. It can be Income Protection, Mortgage Cover or Business Revenue Cover and each of these benefits have parameters that can be adjusted to lower cost (don't be too concerned about the type of cover that would suit you as I can advise you on this).

Why have income protection?

The main reason is to protect you if you were unable to work due to any unforeseen medical condition or accident; when your income would be severely impacted if not lost altogether.

What does your income do?

Your income is the basis for everything you do financially from paying your rent or mortgage, day-to-day expenses, saving for your retirement or building assets.

If you lost your income would you still be able to pay the bills and save for retirement or continue to build assets?

What is the value of your income?

People often only look to the short term when thinking about this, for example "I earn $60,000 per year". Think about how this equates to the total value of your income.

Let's take a 35 year old person, this person has about another 30 years to work until retirement. So the total value of this person's income is just over $2,000,000. This is worth protecting.

What about ACC?

ACC only pays for accidents and you might be surprised to know that ACC decline around 52% of all accident claims.

If ACC can attribute your injury as gradual then your claim is declined. If ACC can attribute your injury to degeneration then your claim will also be declined. Private insurers do not work on this basis.

Get in touch...

If you don't have income protection or know someone who doesn't, feel free to get in touch with me. I will be able to advise on the best options and within budget.

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