What is your greatest asset? Most people typically respond that their home, their car, or their investments are their greatest assets. However, your greatest asset is actually your ability to earn an income.
Most of us rely on our income to pay the mortgage or rent; to keep ourselves and our families clothed and fed; and maintain a comfortable standard of living. So protecting your ability to earn an income should be a high priority. Yet, while many people insure homes and possessions, they often ignore protecting their income. An income protection policy will pay a regular income if you are unable to work because of sickness or injury. Whether the disability is as serious as cancer or as minor as a broken arm, income protection provides a simple, cost-effective safety net.
Most policies will pay up to 75 per cent of your average monthly income (net of business expenses but before tax), and will cover you against various conditions, which could disrupt your ability to earn an income.
Income protection is particularly important to the self-employed, who cannot rely on short-term sick leave from an employer.
Call us today to find out more.
Charter Financial Planning is a principle member of the Financial Planning Association.
Charter Financial Planning, Level 3 447 Collins Street, GPO Box 2830AA, Melbourne 3000.