income protection odds
Protect your income and your family lifestyle can you afford not to?
The likelihood of you being unable to work for a period of time due to illness or injury is higher than you might think.
1 in 3 men and 1 in 4 women will suffer from cancer before age 75. Around 40% of men are likely to be unable to work for 3 months or more before age 65 as a result of an accident or illness.
How would you cope if you couldn’t work and earn any money for a period of time? Would you be able to afford all your financial commitments such as school fees and mortgage repayments. Consider a 45 year old business manager who was diagnosed with a serious illness. He was only insured for 2 years after diagnosis, but the illness continued for 5 years and put the family under incredible stress as the income stopped and the medical bills continued to mount. His family was forced to sell their home to cope with the debt. In contrast a 43-year-old lawyer, recently divorced, and with two teenage children, was diagnosed with breast cancer. She stopped work immediately to undergo surgery. She had income protection insurance that covered her for 75 per cent of her income, and she used this to cover many of her family’s ongoing living expenses while she was in hospital.
Not only is income protection insurance relatively inexpensive, the premiums are tax deductible. We deal with a suite of insurance providers and help you find the one most suited to your circumstances. Outlook financial advisers are salaried employees focused on providing the best solutions for you. We do all the legwork and analysis so we can offer objective solutions tailored to suit your needs. We can review your insurance needs over the phone or in person and give you an estimate of the costs involved. This review service is at no cost or obligation. Contact Outlook for your peace of mind.
Find out more about income protection insurance.
Source - 1,2,3: Average for men and women in the age group 25-40, Report of Disability Committee IAA 1995 IA 85-90 4,5: Cancer Council, An overview 2008 Australian institute of health & welfare, 6: Women likely to suffer depression during their lifetime, “What is depression” www.beyondblue.com.au, 7: Chances of 40 year old male during lifetime; Heart, Stroke and Vascular disease, www.aihw.gov.au, 8: Institute of Actuaries of Australia Disability Report 2002, for the investigation period 01/01/1995 - 31/12/1998