Income Protection – Ensuring You & Your Family are Provided For

Have you ever stopped and asked yourself what your most important asset is?

Perhaps your answer is “my house”, or “my partner”, or “my family”.

While these are certainly all very important assets, the truth is that your most important asset isn’t your house, your partner, or even your family. Instead, your most important asset is your ability to earn an income. Because it’s that income that puts bread on your table, pays for your house, looks after your family, and does everything else you need it to do.

Which is why income protection insurance is so important.

What is Income Protection Insurance?

Income protection insurance is insurance that’s designed to give you an income if you’re ever unable to work due to injury, illness, or temporary disability. It allows you to continue to support your family and pay for existing everyday expenses (such as your mortgage/rent and food) as you normally would.

Unlike trauma cover or total and permanent disability insurance, income protection doesn’t provide you with a single lump sum payment. Instead, it’s paid as a monthly benefit, creating a regular income stream much like your wages do.

Do I Need Income Protection?

If you own a business, rely on your working income, or you’re the main income earner in your family, then it’s extremely important to consider income protection insurance to protect you and your loved ones at a time when you’re most vulnerable.

That said, your situation is unique. So the best way to determine if you need income protection, and which policy you need, is to speak to our Brisbane financial planner.

How Do I Choose the Right Policy?

Income protection comes in different shapes and sizes.

Some policies pay an agreed amount, while others pay up to 75% of your regular income. You may be covered for 2+ years, or until age 75. While some policies pay if you’re unable to do your current job, others will only pay if you cannot do any job. The waiting period before you’re paid can be 30 days or more. You can pay for your cover with stepped or level premiums, and it can be held in or out of your superannuation.

Complicated, right?

With so many variables and options, selecting the right cover isn’t easy. Your financial planner has the experience and product knowledge to help you choose the most appropriate cover for your circumstances and budget. That’s what we helped these people do.

Protect & Provide For Your Family

At K2 Wealth, we’ve spent 15 years helping people in Brisbane and surrounds choose suitable income protection policies. We take the time to get to know you, your family, and your circumstances so we can help you choose a policy that’s appropriate and affordable.

If you’d like professional advice on choosing the right income protection policy, we’d love to help. Contact us today on (07) 3368 2002 to arrange an initial meeting at our expense.