We have all had a few days off work with some sort of ailment or injury and all things going well we do get back to work and carry on. But what if you couldn’t get back to work. What if your injury or illness kept you off work – your sick leave is exhausted, your annual leave dwindles and if you are lucky enough to have any sort of accrued long service or other leave, is completely used up.
Would your employer keep paying you?
Would you have enough savings to maintain your pre injury lifestyle?
If you were self employed how long could you be away from your business? We hear excuses and possible solutions all the time – I can run it from home – my partner will run everything – I’ll sell the business even. These are excuses only and absolutely no solution to the problem that you have without being able to work as you were pre injury or illness.
Income protection is, in some respect, the most important insurance of all. If your income were to cease and you exhausted all other avenues of income creation you will very soon have no alternative than to live off social security and that is something that needs to be thought of very hard. Could you.
Income protection policies can replace your income up to 75% (normally) of gross income payable right through to age 65, indexed annually. Waiting period can be varied to take into consideration the amount of time you may have in leave. All income protection polices will have a waiting period (like an excess period) and they range from a 14 day waiting period through to 365 days or more in some cases.
As with all insurance policies, not all are the same so the right advice is the key to getting the best policy for you own needs and at Ian Jones Insurance Brokers we have access to each of the insurers in this field to ensure just that – the right advice.