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5th June 2023 - Private Wealth
You’ve worked tirelessly to own the home of your dreams. But if you suffer an injury or illness that prevents you from working, will you be able to cover your mortgage repayments?
Whether you’re involved in a car accident or suffer from cancer, you want to spend time focusing on getting back to health rather than worrying about finances or mortgage payments. The Australian Institute of Health and Welfare reports that over a third (35%) of Australian households have a mortgage, so having a financial security blanket in place if the worst should happen is extremely important. Taking out insurance can help to remove the stress of worrying about mortgage repayments.
Below we’ll explain the value that Income Protection Insurance can offer when it comes to keeping the roof over your family’s head.
Income Protection can kick in as an alternative source of income if you’re temporarily unable to work due to an illness or injury. That might be because you hurt your back while working around the house, you suffered a heart attack, or broke your leg in an accident, to name a few.
A monthly payment of up to 70% of your income for a nominated period of time, can help you keep your household up and running and provide for you and your loved ones while you recover. If you’re needing to take a prolonged period off work to get back to health, income protection can relieve the financial pressure and stress of making mortgage repayments. Income protection insurance is paid out in monthly instalments that can help cover your mortgage repayments, so you can concentrate on getting back on your feet. You can choose to take out Income Protection on its own, or in a package which can be tailored to suit your personal situation. If you are looking for something in the form of lump-sum cover, Total and Permanent Disability (TPD) insurance can provide you a lump sum payment if you become permanently disabled due to accident or illness. You can opt to use this for medical or rehabilitation treatments and can also go towards paying off your mortgage.
Having financial support in place for unexpected illness or injury means you can focus on your recovery. Contact the Elston Wealth Protection team now for a confidential discussion about Insurance Advice.
If you would like more information on income protection please call 1300 ELSTON or contact us.
*Source: TAL, The Business Partnership Program
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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