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SOBERING FACT: One in three Australians will be off work for more than 3 months during their working life and half of all serious accidents occur away from work, so are not covered by Workers Compensation Insurance.
Source: CommInsure
Imagine you stopped getting paid tomorrow. How long would you and your family be able to cope financially? Bills continue to come in and the bank is charging interest daily on those debts. We are all quite good at insuring our homes and contents from fire, theft and damage, but we don't often insure the one thing that created those assets - our income earning ability.
Even more surprisingly, many self-employed individuals have no Disability Income Insurance, even though they are not covered by Workers Compensation. Plus, Income Protection is personally tax deductible.
Insurers will offer cover of at least 75% of your annual gross income to help you continue to meet your daily living expenses and debt repayments in the event you are unable to work completely or partially for a period of time. The chances of you needing to take a significant amount of time off work, unpaid, is considerable and the most common claims insurers see arise are Income Protection claims.
The most common reasons for Income Protection claims are as follows:
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The occupation classes that claim the most for Income Protection are:
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