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8 Reasons You Should Already Have Income Protection Insurance

Updated: Aug 4, 2023

It's not every day we have eight compelling and very different reasons to suggest doing something, but that alone illustrates the importance of income protection insurance.

You might be gainfully employed, feeling fantastic, satisfied with your savings and thinking more about a holiday than risk protection. As counter-intuitive as it sounds - your situation is precisely why you should think about cover. Why? Because, as any of us who have lived long enough knows, things change.

You’ve worked hard to reach this point, so why take chances on your wealth and financial security? Besides, life insurance and income protection make it all the easier to go on that holiday without worrying!

Consider the scenarios below; if any of them sounds familiar to you, it’s time you protected your finances. Our team of independent financial advisors in Melbourne is here to help you find the best income protection insurance, so let’s arrange a catch-up.

You’re self-employed

You are already acutely aware of this - the buck stops with you. Whether you’re a tradey working solo or you run a company with a large team, you’re the life force of the business. Let’s say something unforeseen happens, and you’re unable to work due to illness or injury. Such a scenario can affect not only your operations but everyone involved… That’s an extraordinary responsibility.

Your job is high-risk

If there is any element of risk in your workplace, you should consider comprehensive coverage such as TPD Insurance or total permanent disability. When you’re sitting here comfortably reading this, it sounds extreme, we know. However, it all goes back to that point - none of us ever knows what’s around the corner. Why tempt fate by not having adequate trauma cover insurance when you know you’re at higher risk than the average work person?

You’ve received a promotion or pay rise

It’s a simple matter-of-fact the world over - when we earn more, we spend and/or save more. So if you’re the lucky recipient of a pay rise or promotion (congratulations!), chances are you’re upscaling life in other ways. Maybe a new car, a better holiday, a home renovation… The higher you rise, the harder you fall if you haven’t put a safety net in place.

Your hobbies come with risk

Kiteboarding, surfing, cycling, skiing, open water swimming, sky-diving, motor racing, and yachting - they’re all amazing, and life wouldn’t be as rich without them. However, in most instances, they come at more risk than, for example, a stroll in the park. Having the right cover just means you can get out there and enjoy them without any niggling worries. Make the most of life!

You’re planning to get married

Becoming a newlywed is not a trigger to get insurance, it’s more what marriage might then lead to. For instance, you may now be planning a family or purchasing a house as a married couple. Should something stop you from earning your current income, the last thing you want to do is put 100% of the responsibility on your spouse, right?

You’re in this together through the good times and the bad, but you want to do all you can to minimise the latter. In this instance, we would suggest life insurance and income protection.

You want to buy a house

Unless money is no object, then buying a house for most of us means getting a mortgage. And typically speaking, a mortgage is a significant amount of money. You likely have a mortgage either for tax purposes or because you can’t afford to buy a property with your own capital alone.

So if, for whatever reason, you were unable to keep up with your monthly repayments, you’re facing a colossal amount of interest (possibly worse). There are means and ways to make what could be one of the most stressful actions in your life fairly worry-free, and most of them start with loan mortgage insurance or LMI.

You want to start a family

The moment other people depend on you is the moment you need to be responsible. One of the most considerate things you can do as a parent and a spouse is to ensure you are adequately protected. You do not want to make your family vulnerable if anything unforeseen were to happen to you.

You’re concerned about your health

If you have a family history of illness or disease, or you’re just worried about your own health journey, protect yourself now when premiums are at their lowest. If, heaven forbid, something were to happen, then costs would go sky-high. When it comes to health, peace of mind can go a long way in providing quality of life! For impartial, quality health insurance advice in Melbourne, reach out to our team of the best financial advisors.

We get a lot of questions about financial security and protecting one’s income. Below are some of the most common concerns or queries clients have.

Is it worth getting income protection insurance?

Of course, all financial planning firms in Melbourne will say the same thing, but for good reason. Focus on that keyword - protection. Don’t make the mistake of seeing this as money you’re spending but rather as money - and assets and even livelihood - you’re saving.

Why should I take out income protection?

For the simple reason that you don’t have a crystal ball, none of us does. How many people do you know in your life have either died suddenly, too early or experienced some life-changing accident? Alas, the evidence is around us all, and the biggest mistake you can make is to think this only happens to other people.

How long should income protection last?

You should have cover for the duration of your employment. In short - whilst you rely on an income, you should protect yourself.

What makes us the best financial planning advisors for you?

Our wealth creation advisors are motivated to find the best insurance solution for you. How?

  • Independent financial planners in Melbourne who don’t have to align to a specific product or service. This means we research and go after the best plan for you, not for our commission.

  • Flawless client reviews and repeat service mean a huge amount to us - we work hard to win our clients’ trust and provide exceptional customer service.

  • You get more than a highly skilled financial advisor in Melbourne. Every member is supported by a team of dedicated researchers who take a forensic approach to investigating the best options for you.

  • Tertiary-qualified team with years of experience growing the financial wealth of Melburnians and interstate clients.

  • Our Customer Success Manager also works closely with your planner, ensuring you have a VIP experience the moment you walk through the door (or just meet us virtually).

  • Outstanding communication - we keep you updated every step of the way. We’re also motivated to make this a really positive and enjoyable experience for you. So if numbers make you feel nauseous, stick with us. We’ll empower you with knowledge and tools that might make you as passionate about finance and wealth protection as we are!

  • We know you’re busy, so we work around your schedule, meeting you where and when suits you, be it in person or over Zoom.

Contact us about income protection insurance in Australia

Discover how easy the insurance advice process can be when you have experts helping you! Reach out to us today for a no-cost, no-obligation catch-up and let’s talk about keeping your finances, assets and future as secure as possible.test

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