How you could benefit from income protection insurance
Imagine lying in bed sick.
You kiss your spouse goodbye as he/she heads for work. You look at the clock and it’s 7 in the morning. With nothing to do, you get up and grab a cup of tea and read your morning paper, something you haven’t done in a while due to busy work.
After a while, you take yet another rest on your way to recovery with a smile on your face, knowing that your paycheck is coming, even when you’re not working at the moment.
Isn’t it nice? Being able to focus on your recovery without a hint of worry about bills slowly catching up?
That’s what Income Protection Insurance can do for you and your family.
But let’s dig a bit more and see how having Income Protection Insurance can be your saviour in case you get seriously ill or disabled:
1. Personal Assurance
For most people, getting sick and taking time off of work means no income, no way of paying utilities and debt, monthly expenses put on hold, and even dipping into savings.
With Income Protection Insurance, you can be sure your quality of life will not suffer even when you have to stop working for a certain period of time. By availing this type of insurance, you can get up to 75% of your monthly income which you can use to maintain payments on your utilities and debt, monthly expenses for your family and self, and secure your savings.
This gives you a peace of mind that your life won’t be put on hold the moment you stop receiving your paychecks.
2. No Burden for the Family
Seeing your spouse shoulder all the expenses you normally share and your kids’ needs (and wants) being set aside for more important and urgent expenses can cause feelings of guilt or even self-pity.
With Income Protection Insurance, your spouse won’t need to work extra hours, your kids can continue with their music lessons, and your car and housing loans are paid on time as if nothing happened.
You can rest without feeling guilty about every minute you’re not working.
3. Keep Up with Your Bills
With the financial support you will be getting from your Income Protection Insurance, your utilities and re-payments get dealt with accordingly. No need to worry about overdue bills and disconnection notices, no fear of accumulating interest, and definitely no worry about getting into the debt trap.
Furthermore, once you’re ready to get back on your feet, the transition to earning your monthly income will be seamless and you won’t have to play catch up, extending your period of empty pockets.
4. Extra Safety Net
WorkCover is a reliable contingency plan for when you get injured at work. However, the coverage only extends to injury due to your employment and should be caused by the owner’s negligence. Outside of this, you’re exposed.
Income Protection Insurance can be your back up plan for when you get seriously ill or injured outside of the workplace. Furthermore, you can use it to supplement your Life Insurance which many insurance providers offer as a package.
5. Focus on Full Speedy Recovery
Piling expenses and debt, continuous guilt from family shouldering the burden, and putting your life on hold can take its toll on your emotional health.
With that kind of additional stress and worry, your way to full recovery may take even longer. Worse, if you decide to get back to work without being able to completely recover. This, in turn, may develop into a cycle.
Remember, good health is your best investment. Don’t let it go to waste by failing to prepare.
6. It’s The Reality
Most people who suddenly went sick or disabled without Income Protection Insurance never thought it would happen to them – until it did.
See, we’re not here to scare you.
We’re here to help you prepare for a reality that can happen – which we hope will not.
As they say, Insurance is something you would wish you have, but wish you wouldn’t need.
Are you prepared to face the challenge of taking time off work and losing income?
Get in touch with us today and see how you can arm yourself.