But I think I have enough cover
Government schemes such as WorkCover are limited to only protecting you from accidents and illness that happen in the workplace. WorkCover claims only pay for expenses related to the injury or illness, not loss of income to cover additional household expenses such as the mortgage, bills and childcare needs.
But I can’t afford it
Income Protection can be tailored to suit your budget, and premiums are also usually tax-deductible.
For the 31% of Australians that have purchased Income Protection, there are several attitudes that provide insight into the value offered by income protection.
Depending on how your policy is structured, Income Protection can provide up to 75% of your usual salary in a monthly payment. This financial support enables you to say on top of household expenses in the event that you are suddenly unable to work.
For some, Income Protection is a useful addition to long-term financial planning, providing assurance that the goals for your financial portfolio can be met.
Income Protection can also be used to top up on existing insurance cover, giving you the confidence you have the right level of cover to meet your needs.
Yet, most importantly, in the event that you do find yourself unable to work, Income Protection provides you with options on how you allocate your income.