Protecting your income and families future

How to protect your income and families future

More then half of adults do not have any type of income or life insurance and would not be able to provide for their loved ones or would be at risk of losing their home if tragedy struck.

Unfortunately borrowers will face ever increasing interest rates and will continue to struggle to meet their mortgage repayments. However protection ensuring that the mortgage and other expenses are covered should your income stop can cost no more than a few dollars a week.

While most have some cover in the event of death, only a handful have policies that pay out if they are too ill or injured to work. Most people would struggle to survive if they relied on Government benefits, especially if they are unable to work for a few months.

As such, it is important to have long-term income protection, rather than the short-term cover usually provided. Income protection policies will pay you income until you reach retirement age if you are too ill or injured to work.

Premiums are usually based on your employment, age and health, and generally those in office-based jobs pay lower premiums than those in physically demanding jobs. Premiums can be reduced by accepting a longer period before the policy kicks in, so making note of the sick pay offered by your employer is important. We will look at the fine details for you and advise you whether the policy pays out when you are unable to do your own job, any job or do certain activities of daily life.

Unfortunately even those who do have income protection insurance have purchased the wrong product and it provides little real protection. Therefore it is still recommended you speak to Owen Hodge to review your insurance policy and ensure it covers you and your family appropriately.

Owen Hodge offers independent protection advice on a range of different policies to suit your situation, and you can rest assured we have our clients best interest at heart. Contact us today for a free first consultation.

For more of a overview of the different products, please click here to be taken to an article by the financial review.

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