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One of your most valuable assets in life is your ability to earn an income. Without an income you cannot provide for your family, or achieve your dreams or financial security in the future.
This Table shows how much you can earn up to the age of 65 years, depending on your current age and weekly income. It represents your future earning potential and shows what you are risking if you don't take out long-term Income Protection.
Weekly Income *
| Age Now | $400 | $600 | $800 | $1,000 | $1,500 | $2,000 | |
|---|---|---|---|---|---|---|---|
| 20 | $1,928,573 | $2,892,860 | $3,857,146 | $4,821,433 | $7,232,149 | $9,642,866 | |
| 25 | $1,565,346 | $2,352,519 | $3,136,692 | $3,920,866 | $5,881,298 | $7,841,731 | |
| 30 | $1,257,611 | $1,886,417 | $2,515,223 | $3,144,028 | $4,716,042 | $6,288,057 | |
| 35 | $989,569 | $1,484,353 | $1,979,137 | $2,473,922 | $3,710,882 | $4,947,843 | |
| 40 | $758,353 | $1,137,529 | $1,516,705 | $1,895882 | $2,843,823 | $3,791,763 | |
| 45 | $558,904 | $838,356 | $1,117,808 | $1,397,259 | $2,095,889 | $2,794,519 |
*Assumes a 3% p.a. salary increase
Source: "Little book of advice concepts", Comminsure, 2008
Income Protection provides you with a monthly payment while you are unable to earn an income as a result of illness or injury.
Most policies will cover up to 75% of your salaries if you are totally or partially disabled.
By replacing your regular income, Income Protection payments can assist you and your family to function at a level of financial normality. Income Protection gives you the financial security to focus on your recovery or treatment, without worrying about regular expenses.
Income Protection policies are very flexible and can be tailored to suit your individual circumstances.
Consider:
When sickness or injury strikes, you are possibly going to need a prolonged period of time off work. You may have sick leave or some holiday time up your sleeve, but once that has been used your employer is not obliged to continue to pay you.
If you are self employed, no one is going to pay you if you cannot work and your business may not survive without you there to drive it.
An Income Protection Policy pays you a Monthly Benefit to replace your income, while you are unable to work due to sickness and injury.
It will pay you up to 75% of the taxable income that you earn, and will continue to pay for the period of time you are off up to the length of the benefit period attached to your policy.
It will pay you based on the Waiting Periods and Benefit Periods chosen at the point of application.
The premium that you pay is Tax Deductable.
A successful solicitor and a single mother of two, 33 year old Melissa was something of a modern day superwoman. But this meant her own needs came after two kindergarten-age daughters, and meeting the repayments on her mortgage.
For some time now, Melissa had been finding it increasingly difficult to concentrate at work.
Lacking sleep and appetite, she began to lose weight and developed a chronic, splintering headache. Finally relenting to her brother's insistence, Melissa went to speak with her GP who immediately diagnosed her with depression and anxiety.
Following her diagnosis, Melissa's Income Protection Policy paid her a monthly benefit of $8736 while she was unable to work. This money allowed her to keep up with her mortgage and personal loan repayments, pay for her family's daily expenses, and hire some help around the house.
It also meant she could afford the cost of her medical treatment while taking some much needed time out.