In this quick overview, we go into the reasons why everyone in the family should have income protection.
Income protection is a policy that will cover you financially if you can’t work due to sickness, injury, or disability. Did you know that in an ideal world, everyone in the family will benefit from full coverage?
From the working parent to the stay-at-home parent. And even policies to take care of your children if they get sick. Your time off work caring for them, plus any bills associated with hospital visits and medical appointments, can be covered.
For example, in a family where one parent works and the other stays at home, you may think just the working parent should have income protection. But what would happen if the stay-at-home parent had an injury where they couldn’t perform their usual role?
Either the working parent would need to stay home (and couldn’t work). Or you’d need to hire, at least, a nanny, cleaner, and cook (and probably a few other roles too… think admin, washing, food shopping, etc). This could all add up!
One key benefit for income protection is preventing debt accumulation. You may have to use loans or credit cards to cover expenses. However, income protection provides a buffer, helping to avoid this debt trap. Likewise, it can reduce the pressure on other family members who’ll take on additional work to make up the shortfall.
Instead, you’ll have peace of mind to just focus on recovery – with your income and medical costs covered under your policy.
Did you know we can create customisable plans? Each family member can choose a policy that fits their specific needs. It’s so flexible and adaptable for all.
Whether you are a high-income earner or someone with a specialised skill set, income protection is personalised to you! We will go through the details. And help you weigh up the costs and policy terms, so you only get (and pay for) what you need. It can be hard and upsetting to think about the scenarios. Let us take care of this for you.
For a resilient household prepared for whatever life might throw at you, we’ll help you prepare for the unexpected! Contact us to safeguard both the present and future well-being of your loved ones.
