Your income, your greatest asset
No doubt you don’t hesitate in purchasing insurance for your new car before you drive it out of the car yard or for your new house before you complete the settlement, but have you stopped to think how inferior they are in value when compared to your income?
Income Protection Insurance (also known as Salary Continuance Insurance) provides a monthly income stream of up to 75% of your current income if you are unable to work due to illness or injury. There are many different income protection policies available in the Australian market, each with its own definitions of disability and range of benefits. Generally, you can choose the waiting period (the period of time between inability to work and when the benefit becomes payable), and the benefit period (the amount of time the benefit will be paid to you). Depending on the policy, payments may continue right up to the age of 65 if your inability to work is ongoing or permanent. The options you choose along with your specific risk factors, will determine the premium you pay. Your Enuf Insurance Solutions adviser will help you determine what alternatives are best suited for your needs and circumstances. Income protection premiums are generally tax deductible, but the payments received are considered income and are subject to tax.

What is your future earning capacity?
If you’re in any doubt about the importance of protecting your income, the table below shows you how much you could earn by the time you reach 65. What would happen to the lifestyle of you and your family if you lost your ability to earn that income?
Or use our calculator to input your own details.

Assumptions: Salary increases by 3% pa. No employment breaks. Figures rounded to nearest $10,000.