Income Protection
Often considered the most important insurance, income protection locks in your income until retirement age (65), so your biggest asset is secured 365 days a year 24 hours a day against accident or illness.
Income Protection provides a monthly benefit of up to 75% of your pre-disability income, if you are unable to work past the selected waiting period (usually 14, 30, or 90 days). Importantly, income protection is tax deductible.
Consider this:
We all insurer our cars and homes, but often overlook how important it is to protect our ability to earn an income against accident or illness that occur every day – consider what your income is worth:
|
My Income
|
Over 10 years^
|
Over 20 years^
|
Over 30 years^
|
|
$40,000
|
$503,116
|
$1,322,638
|
$2,657,554
|
|
$60,000
|
$754,678
|
$1,983,957
|
$3,986,331
|
|
$80,000
|
$1,006,231
|
$2,645,279
|
$5,315,108
|
|
$100,000
|
$1,257,789
|
$3,306,595
|
$6,643,885
|
|
$150,000
|
$1,886,684
|
$4,959,893
|
$9,965,827
|
^Assumes salary increase of 5% p.a including inflation
|