4 Ways to Protect Your Income

Protect your income and livelihood with personal insurance.

Our income is our livelihood and our greatest wealth building tool.

If you lose income due to sickness or injury, you will need to rely on a replacement...

• Government benefits (only ~$250 per week), or

• Sick leave (which is limited), or

• Personal Insurance

Personal Insurance is a low cost-way to move the risk and get the best return if income is lost.

To put good personal insurance in place, you need to work with a qualified Financial Advisor who will ensure that you get an appropriate insurance product in place for your situation.

Types of Personal Insurances

There are 4 main types of personal insurance:

INCOME PROTECTION

Pays a monthly benefit when income is lost, until you return to work. You choose your monthly benefit, the excess, and period of cover. Income Protection is low-cost (typically about 2% of your income) and tax-deductible.

TRAUMA

Trauma Insurance pays a lump sum when a traumatic event is diagnosed. You can use this lump sum to replace lost income and medical costs.

LIFE

Life Insurance pays a lump sum when a death occurs. This is to cover for lost income, lost assets and/or lost financial assets, such as businesses, and help fund current commitments such as your mortgage, school fees, ongoing income needs etc.

TPD - TOTAL PERMANENT DISABILITY

Pays a lump sum when a permanent disability occurs and you’re unable to work. Choose to use your lump sum for lost income, lost assets and/or lost financial assets. Usually paired with trauma insurance.

Talk to our Advisors about the practical steps you can take to protect your family income now and for your future.

Disclaimer: This is not financial or tax advice. Content is for education purposes only.