Protecting your largest asset
The ability to earn an income is by far the largest asset many of us will ever have. Therefore if you lost the ability to work as a result of an accident or illness the result for you and your family could be catastrophic.
For example, a person aged 25 and earning $40,000 per annum in today’s dollars will earn approximately $2million over the course of their working life. That is a significant amount of money that needs to be protected in order that you and your family can maintain its lifestyle should a serious event occur.
Insuring your income should you not be able to work is the most prudent step that you can take. It allows for you to continue meeting the daily needs of your family, but more importantly it also allows for larger payments such as your mortgage and
superannuation to be made. In turn this reduces financial pressure that will assist in your recovery process.
It is important to seek advice when selecting an appropriate income replacement policy as not all policies deliver as expected.
An ‘agreed value’ policy is the only contract that will provided certainty at claim time, particularly for the self employed where business income may continue. If you do not have an income replacement policy or your current policy is an indemnity contract you should seek advice.
Peace of mind is so important at claim time so make sure your policy will deliver a certain and predictable outcome.
Remember that your ability to earn an income is your largest asset. Contact us for further information.
