Cover for your way of life
If something happened to you and you were unable to work, would you have enough money set aside to cover your day-to-day bills and look after your family?
Even if you think you’d be ‘okay’, how long would things be okay for?
These are the questions that thousands of Australians are faced with every day.
While many think ‘It won’t happen to me’, the statistics don’t lie. It is estimated that one in three Australians will be unable to work due to illness or injury for a three-month period, or longer, during their working life*.
Confronted with this situation, many Australian families experience significant financial difficulty, sometimes with no income for more than three months.
Income protection insurance allows you to continue to receive a monthly income, which is generally up to 75 per cent of the income you were earning prior to becoming too sick or injured to work. Income protection policies are very flexible depending on your individual circumstances, and importantly, they give you the financial security you need to be able to concentrate on recovering without having to worry about your bills.
Income protection can be held either within your superannuation or outside of your superannuation account.
You should check with your superannuation fund to see if it provides income protection insurance, and consider if the benefit offered is enough to provide you with a sufficient income in the event that something happens and you are unable to work.
Speak with to your OBT financial planner to discuss your income protection options on 5462 2277.
Rodney Turner and OBT Financial Group are Authorised Representatives of Lonsdale Financial Group Ltd ABN 76 006 637 225 | AFSL 246934.
This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial planner and seek tax advice from a registered tax agent. Information is current at the date of issue and may change. This information and certain references, where indicated, are taken from sources believed to be accurate and correct. To the extent permitted by the Law, Lonsdale, its representatives, officers and employees accept no liability for any person that relies upon the information contained herein. Information is current at the date of issue and may change.
* Australian Disability Table IAD89-93 Class 2
Source: AIA Australia