Monday, November 27, 2017

Income protection savings tips

If you couldn’t work, would your savings be enough to support you?

While most of us have good intentions of saving part of our income for a rainy day, too often savings are frittered away by day-to-day expenses.

Saving money for a rainy day is something that we all talk about, but not many of us are good at. A glance at the news headlines and the message is clear – many Australians have hardly any cash in the kitty, virtually living week-by-week on their pay packet. According to the Australian Bureau of Statistics, around three in ten households were ‘over-indebted’ – or, drowning in debt – in 2015-161. And millions of Australian households have less than $1,000 in cash if an emergency strikes.2

It’s a risky way to live. What would happen if your earnings were suddenly switched off? Could you afford to keep paying the mortgage and other bills?

How Income Protection Insurance can protect you when it matters most

For many of us, Income Protection Insurance can help in the event of illness or injury that prevents us from working.

Income Protection Insurance replaces a portion of your income lost through your inability to work due to illness or injury, paying up to 75% of your income. It can be suitable for employed as well as self-employed people and small business owners.

Providing for your family

Income Protection Insurance gives you peace of mind that you can still provide for your family even if you cannot work. It means that in the event of an injury or illness that forces you to take time off work, you can focus on getting better instead of worrying about paying your day-to-day expenses.

To work out which level of cover is right for you; it can be useful to budget for your usual expenses like monthly mortgage or car loan payments, along with any dependents you want to provide for, plus the cost of managing any investment assets. Some people also include their daily living expenses, too.

If you don’t have savings set aside, Income Protection Insurance can prove a wise investment.

No Surprises

Unlike some other insurers, NobleOak conducts a full health assessment at the time of application and pays all costs for any medicals and tests if they are required.  The benefit is no surprises at claim time when emotional stress is often very high.

For more information on Income Protection Insurance, call 1300 041 494 to speak with one of our Insurance Specialists or request a quote online.


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