If you became ill, how would you afford to maintain your lifestyle?
Unless you have insurance or a large amount of savings then you will probably struggle to pay your living expenses and would face financial hardship.
Your ability to earn an income is one of your most important assets so it’s important to protect it by having income protection insurance
While many super funds give you automatic insurance cover in case you suffer a permanent injury, most don’t cover you for temporary illness or injury.
To protect yourself and your family against temporary sickness or injury you should purchase income protection insurance. This type of insurance may be available at an extra cost in your super fund.
Consider income protection insurance if these situations apply to you:
- You are the main income earner in your family
- You have a mortgage
- You have other debts that need to be regularly repaid
- You don’t have a large amount of savings to spend while you are sick
- Your default insurance in your super fund does not offer income protection insurance
Before you change your level of insurance cover, we recommend you speak to your financial adviser. If you don’t have a financial adviser, we can help you find one.
How financial advice can help
Make better financial decisions and achieve your goals