Wishful Thinking Best Left to Others: Don’t Skip Income Protection
Why best case scenarios concerning income fail to protect your interests.
What is your biggest asset? Your home? Your business? Your yacht? No matter how many assets you have amassed, your biggest asset is your ability to earn income. Without the ability to earn income, the other assets are not possible unless you already have more money than you can ever spend.
Therefore, it is important to protect your biggest asset with income protection. Income protection cover protects you in the event you are unable to work due to injury or illness. Usually, it pays around 75% of your income until you can get back to work. Income protection cover is tax deductible and you can spend it on whatever you choose to spend it on.
Determining the Cost of Income Protection Insurance
Numerous factors go into determining the price of income protection insurance. Whether or not you smoke, your age, your gender, your occupation, your health, your income and the amount of desired coverage are all factored in to the price. Most people choose a financial planner to advise them on how much cover they need.