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1 chance in 8 of losing your greatest asset - Get Income Protection
Insurance
By Lindsay Egan
You have 1 chance in 8 this year of losing
your greatest asset
If you’re under 65, you’re 10 times more likely to suffer
a disability as you are to die!
So what is your greatest asset?
Some people say it’s their house,
others consider their car to be
their major asset.
Arguably, it’s neither of these but
something more fundamental to your material and emotional security.
Something on which the fate of all your assets ultimately depend.
Your greatest asset is your ability to earn
an income.
If you had a machine that each Friday produced your weekly income
after simply turning its handle, would you insure that machine?
Of course you would! Have you ever thought that you are that machine?
Would workers’ compensation or superannuation
provide adequate disability protection? Unfortunately no, as workers’
compensation payouts can be quite small and usually only cover accidents
at work (and sometimes traveling to and from work), and work related
illnesses. But statistically, three disabilities in four are caused
by illness. So if your illness is not work related it is not covered
by workers’ compensation at all.
Superannuation is designed to create an end
benefit when you reach retirement – the longest holiday in
your life. Some of these funds do pay out if you become totally
and permanently disabled but if you only have a temporary disability
there is no payment at all. Unfortunately temporary disablements
may last three or more years and may still not be classified as
permanent. Australian superannuation funds rarely provide income
protection. Carefully ensure that your income earning ability is
protected.
Clearly, your workers’ compensation
or your superannuation fund will not protect your greatest asset.
What you need is a tailor made income protection plan that will
provide up to 75% of your gross income. It will pay you a regular
income to help meet your expenses and to preserve your lifestyle.
Almost everyone will conceed they need some
amount of life insurance (for death!)
But have you given real consideration to your living insurance?
You owe it to yourself. You owe it to your family. Take the time
to discover how cost effective living lifestyle insurance is with
Income Protection
copyright 2003 Lindsay Egan
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Operating since 1987, Egan & Associates
Pty Ltd, is a small insurance and investment advisory company that
is dedicated to providing personal and customised service. The principal
of Egan & Associates Pty Ltd, Lindsay Egan, is an authorised
representative of Professional Investment Services Pty Ltd, who
are a Licensed Dealer in Securities and Registered Life Broker.
www.eganandassoc.com.au
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