Many Australians believe that their home is their biggest asset, but the truth of the matter is that their income and ability to earn are far greater assets.
And yet, most Australians fail to take out income protection insurance, which provides them with an income if they fall ill or are injured
Instead, the majority of Australians have a ‘she’ll be right’ or a ‘that won’t happen to me’ attitude. For some of us, this means no income when the unexpected happens and that can lead to financial anguish and un-needed stress.
It is estimated that some 95 percent of Australians don’t have enough income protection insurance, or any cover at all. In fact, a recent Lifewise online survey reports that out of some 1200 respondents, only 23 percent had income protection insurance. But, in the event of illness or accident this means not being able to make ends meet with the bills piling-up and debts such as home loan repayments becoming very difficult to manage.