SERVICES WE OFFER
INCOME PROTECTION
If you're unable to work because of illness or injury, income protection insurance is designed to replace your income so you can meet your monthly financial commitments.
PROTECT YOURSELF AGAINST THE UNEXPECTED
Most people plan and dream based on the assumption that they’ll continue to earn an income until they retire. But what if something happens to you and you’re unable to work? Income certainty determines your quality of life and your family’s financial security.
Without an income you would be left struggling to pay for your financial expenses like school fees or bond repayments. Income protection cover will give you peace of mind that your financial expenses will be taken care of.
Cover for dread disease or disability should continue for as long as the condition persists, or until retirement age.
Keeps monthly payment obligations up to date, even if you are unable to work
Benefits of having income protection cover:
WHY DO YOU NEED TO PREPARE FOR THE UNEXPECTED?
There are many reasons why it’s important to save for unforeseen future expenses.
ACCIDENTS HAPPEN
You need to be ready because accidents can happen to all of us. You need to be able to sustain yourself and dependants when you’re no longer able to earn an income.
SEVERE ILLNESS IS REAL
More and more people are suffering severe illnesses like heart attacks, strokes or cancer. You need to be able to afford expenses in case you fall victim to severe illness.
FINANCIAL INDEPENDANCE
Your ability to earn an income can be affected should you become disabled, ill or become retrenched. Protect your income so you don’t have to rely on others.
You should consider income protection if:
You have debt: if you have loans to repay you should consider getting income protection to ensure that you can still pay your instalments if you lose your income.
You're the sole breadwinner: if your family is financially dependant on you and there isn't an extra income, you'll need a safety net if you lose your income
WHAT ARE YOU LOOKING FOR?
SALARY PROTECTION
Have you ever thought about what you would do if you couldn’t work because of illness , an accident or any other unforeseen event?
𝐈𝐍𝐂𝐎𝐌𝐄 𝐏𝐑𝐎𝐓𝐄𝐂𝐓𝐈𝐎𝐍 is VITAL to ensure you are able to pay your bills and feed your family , as it pays out a percentage of your salary in regular monthly payouts until you are able to go back to work.
DISABILITY COVER
HOPE for the BEST but PLAN for the WORST
Your greatest asset is your ability to earn an income. Income protection is designed to pay you a dependable monthly income if you become disabled or ill and can't work, so that you and your family can keep on living.
SEVERE
ILLNESS COVER
Have you thought about the financial impact of not being able to work? Without a monthly salary, can you pay your bills and maintain a lifestyle for yourself or your loved ones if you have a family?
With an effective Income protection in place you can have surety of an income if you are unable to work and provide.
Contact Capitalise Wealth Management where we can arrange for a will to be drafted FREE of charge!
QUESTIONS & ANSWERS
WHO NEEDS INCOME PROTECTION?
If you have a partner, children, or other dependents, the need to protect your income could be even greater, because any loss of earnings could impact your ability to support not only yourself, but those you love too.
Income protection insurance can be particularly valuable for couples, parents, single parents, homeowners, renters, and the self-employed.
WHAT DOES INCOME PROTECTION COVER?
An income protection insurance policy covers you for any medical reason, so long as you've been signed off work by a health professional. This can be any physical or mental illness or injury. The most commonly claimed-for illnesses on an income protection policy are things like musculoskeletal conditions or injuries, mental health conditions, and serious illnesses like cancer or heart attack.
DIFFERENCE BETWEEN SHORT - TERM & FULL TERM INCOME PROTECTION?
When you buy income protection insurance, you choose how long you’d like the policy to pay out for if you need to claim. This is known as the ‘benefit period’ – which can either be short-term or full-term.
Temporary Income Protection: Comes with a maximum benefit period, usually of 1 or 2 years. This is the maximum amount of time it would pay out for per claim. It stops paying out after that time, even if you’re still unable to work.
Permanent Income Protection: doesn’t have a maximum benefit period. It would keep paying out for as long as you’re unable to work. It would only stop paying if you became well enough to work again, you retired, or your policy ended – whichever happens first.
WHY SHOULD YOU TAKE OUT INCOME PROTECTION?
Income protection is a useful product for anyone who wants to cover their salary so they don't fall behind with monthly expenses should they be unable to work.
Examples of when people consider income protection insurance:
Buying a house
A house is likely to be the most expensive purchase you make, and taking out income protection could help you to keep on top of your mortgage payments if you're unable to work.
Birth of a child
Having an extra dependant relying on your salary could make you consider protecting your income.
Self-employed people
Self-employed people have no benefits other than those provided by the state, and being unable to work means being unable to earn.
Switching jobs
If you no longer receive the same kind of benefits that you did in your previous job in terms of things such as sick pay, you may want to protect your salary. Alternatively, if you get a better job or receive promotion, you may want to protect your increased earnings.
Typical exclusions:
-
Pre-existing medical conditions you were aware of before taking out a policy
-
Disabilities or illnesses as a result of a criminal act
-
Self-inflicted injuries
-
Pregnancy
-
Alcohol or drug abuse
WHAT YOU WOULD DO IF YOU COULDN’T WORK BECAUSE OF AN ILLNESS OR YOU WERE IN AN ACCIDENT?
Would you be able to pay all your bills and feed your family?
Income protection is VITAL to remove these possibilities, as It pays out a percentage of your salary in regular monthly payouts until you can go back to work.
Key Points:
-
Can offer monthly payments if you're unable to work
-
Can cover accident and sickness and/or unemployment
-
Consider the pros and cons of income protection alongside building up your own savings pot, critical illness cover and/or life insurance
