Why do I need to protect my income?
Think of yourself as a bank ATM. You might generate between $1,500 to $2,000 each week. The question is, if you could protect your ATM from breaking down with some form of insurance so that it continues to spit out $1,500 a week in the event of breakdown, then how much would you pay each year?
Would you pay $5,000, even $10,000 each year to secure the $1,500pw ($78,000pa) in income from your ATM?
That’s why income protection is one of the most important insurance products… You can protect your ‘ATM’ from ever breaking down (because machines do break down due to wear and tear, just like human beings). The good news is, income protection is usually much less than $5,000 a year to protect an income like $78,000.
