We insure our cars, our homes, our health but we often forget about our greatest asset: our ability to earn an income.
Have you ever stopped to consider how your life would change if you no longer had a regular income to rely on?
Income protection insurance protects your earnings, in the event of illness or injury preventing you from working. This protection generally takes the form of a monthly payment of up to 75% of your average monthly income. Depending on your policy it can also cover 75% of superannuation contributions and some insurance policies can provide cash payments for partial disability.
Request an obligation-free comprehensive info pack.
Calling 02 9360 0022 or email.
Consider how much you earn, multiply that by how many years you have until retirement, and then add a factor for inflation, and pay increases. It doesn't take a mathematician to work out that some people may be risking literally hundreds of thousands, if not millions of dollars if they were to suffer a long-term medical condition without income protection.
| Annual Salary | Years to retirement | ||
| 10 | 15 | 25 | |
| $50,000 | $659,000 | $1,163,000 | $2,743,000 |
| $60,000 | $730,000 | $1,396,000 | $3,291,000 |
| $80,000 | $1,054,000 | $1,862,000 | $4,388,000 |
| $100,000 | $1,318,000 | $2,326,000 | $5,486,000 |
| $150,000 | $1,977,000 | $3,489,000 | $8,229,000 |
| $200,000 | $2,636,000 | $6,978,000 | $10,972,000 |
Don't count on sick leave or workers compensation: once sick leave expires your employer is under no obligation to support you and workers compensation only applies to work-related injuries. Add to that the fact that over half of all serious injuries happen outside of work where WorkCover doesn't apply*.
*Source: Institute of Actuaries - Report to the Disability Committee, May 95
If you were unfortunate enough to be the victim of an accident or serious illness, income protection insurance cover would leave you free to concentrate on your recovery instead of worrying about financial strain.
Don't gamble with your family's future. Call 02 9360 0022 for an obligation-free quote, and to receive our comprehensive info pack. We'll mail it to you
We offer cover from your preferred provider, but will provide our recommendation for the most appropriate solution.
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Get advice from an experienced AFPG adviser. Call 02 9360 0022 now for an obligation-free quote.
At AFPG, service is more than just meeting our clients at their office or home. It means we adapt to the intricate needs of our clients' finances, work commitments and social lives.
Our vision is to understand your financial situation intimately. We endeavour to offer the highest levels of financial advice, backed up by products from the only the best financial institutions and support it with exceptional client service that will continually exceed your expectations and build your wealth.
AFPG can provide you with the right advice to ensure that, in the event of an unexpected illness or injury, you will still be able to pay the bills and put food on the table. We source insurance quotes from a wide range of income protection insurance providers so are ideally placed to provide you with the best possible advice to get the insurance policy that suits your particular situation best.
We have compiled a list of excellent resources that will assist you in understanding more about Income Protection Insurance. This will help you to decide the level of cover you require and what's right for you and your family.
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