How long would you be able to sustain your lifestyle and pay your bills if you didn’t have a regular income?
The impacts of being unable to work due to an illness or injury can be devastating both financially and mentally. We often don’t realise that our ability to earn an income is our most important asset.
Most income protection policies will provide cover of up to 75% of your income. There are multiple levels of cover from a basic policy through to a comprehensive policy which includes extra benefits and features. Benefits are payable in arrears after a waiting period (selected by you) and continue to be paid until you are able to return to work, or your benefit period comes to an end (also selected by you). Extra cost options include an increasing claim benefit which means your monthly benefit will continue to rise with inflation whilst on claim or the accident benefit option which reduces your waiting period if your condition is the result of an accident. Premiums are generally waived or reimbursed whilst you are on claim and many companies also provide extra support (such as reimbursing rehabilitation expenses) to help you get back to work sooner.
Protecting your income will give you greater peace of mind that you will continue to be able to meet your day to day expenses and focus on your recovery when injury or illness stops you from working.
It is important to discuss your insurance needs with a Financial Adviser. We can tailor a plan based on your unique and individual circumstances. Please feel free to contact us at Next Level Wealth. We are more than happy to assist you.