Income Protection: A Guide

Trauma Insurance
July 25, 2017
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Income Protection: A Guide

Why you Need Income Protection

Your ability to earn an income is your most valuable asset – why wouldn’t you protect it? Most people consider it common sense to insure their house, car, and other possessions, whilst failing to protect and neglecting their biggest asset of all. Their income.

Lost possessions can be replaced, but with income this isn’t the case – should your ability to earn an income abruptly cease (due to illness, accident, or otherwise), how would your family cope? How much would they lose? If you suffered a debilitating illness that prevented you from working, how you would and your loved ones manage? Most people would be financially devastated.

This can’t be ignored, nor should you adopt the mentality ‘it won’t happen to me’, because it can. All the planning in the world won’t protect you from circumstances beyond your control, and the best financial planning won’t pay your income should you be the victim of an accident or other unfortunate circumstances. Time to get savvy.

The latest Australian statistics show road accidents and diagnosis of terminal diseases are increasing; with risk factors on the rise, why risk losing everything and leaving your loved ones with nothing? Don’t become a statistic. Contact Avoca today to put your Income Protection in place.

The Need for Income Protection in Australia

Imagine the worst-case scenario. If, for some reason, you didn’t have your home insured and you lost if, were you to continue on regular income it’s likely you’d be capable of making a comeback. But when income is lost, it’s lost forever. Thus, we are reminded that your ability to earn an income is your most valuable asset. Protection is crucial.

People often confuse income insurance confused with life insurance – be aware, these are not the same thing. Life insurance financially protects your dependents (spouse, children) in the event an of untimely death, but offers no assistance if you’re rendered unable to continue earning an income. Statistically, there’s a much greater chance of being seriously injured or taken ill than being killed or traumatised.

Avoca provides income insurance and disability insurance at a very reasonable rate. You can insure your income for up to 75% of your earnings, should injury or illness render your incapable, and at Avoca Consultants we’ll take care of it all for you.

The ABS has stated that a third of Australia’s working population will suffer at the hands of a prolonged illness or unfortunate accident during their work life. Are you willing to become a statistic? Avoca Consultants can arrange to protect your income, which you now know is your most valuable asset. To receive a free consultation, contact us today or enquire online here. Don’t delay – gift yourself and your loved ones peace of mind. Time is ticking.
N.B. Please be advised, this information is general in nature and you should refrain from acting on this information without first obtaining Avoca Consultant’s personalised and professional advice.