WHY HAVE INCOME PROTECTION INSURANCE “Kate was indignant at the suggestion that life goes downhill after 40. Little did she know, she was about to face an uphill battle.” When Kate went for a routine medical check up just after turning 40, she was quite indignant when the doctor suggested that she had reached the age where she should have a mammogram – surely life’s not all downhill after 40! She ignored the referral, leaving it on her desk at work for weeks. The day she finally turned up for an appointment with her coffee-stained referral, was the day she was told she had breast cancer.
Do you have the right cover in place? Income protection replaces up to 75% of your income (and 100% of your superannuation contributions) while you are unable to work at your full capacity due to sickness or injury. This replacement income enables you to pay: •
Rent or mortgage payments
•
Living expenses
•
Medical expenses
After her radical surgery, Kate endured chemotherapy and she described the side effects of chemo as being brutal. Her bones and muscles hurt so much that she thought she had been run over by a road train.
Income and future earning capacity is our greatest asset. All our dreams and ambitions are generally tied to our ability to earn, and with this income gone these dreams may not be achievable. You can avoid the financial stress of drawing down on assets or taking on more debt simply by taking out income protection insurance.
Following her chemotherapy session, she then had to visit the hospital five days a week for radiotherapy treatment.
Income protection insurance is necessary for anyone who would need to replace their income if they are unable to work.
Kate openly says that it would have been extremely difficult to work through this physically and emotionally draining journey.
To ensure that you and your loved ones are protected, please speak to your financial adviser.
Fortunately, Kate’s income protection insurance allowed her to pay her bills (including her mortgage and regular expenses) while she fought to regain her life. Kate is now in remission. Having the right type and level of cover in place can make a huge difference to you and your loved ones if you need to make a claim.
Discover how the inner circle can help you! Contact us today for a personal risk assessment. info@ofm.com.au | 1300 761 669 | www.ofm.com.au
This information was prepared by Securitor Financial Group Ltd, ABN 48 009 189 495 AFSL & Australian Credit Licence (ACL) 240687 (Securitor) and is current as at April 2012. This publication provides an overview or summary only and it shouldn’t be considered a comprehensive statement on any matter or relied upon as such. The information in this publication does not take into account your objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it and obtaining financial advice. Any taxation position described in this publication is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice. The rules associated with the super and tax regimes are complex and subject to change and the opportunities and effects will differ depending on your personal circumstances. MC13707-0812cl