Did you know you have a one in four chance of being injured and having to take more than 3 months off work?
North Shore Financial Planner, Jessica Waller, has been concerned by the numbers of Sydney workers not aware nor protected by the impact of an injury on your lifestyle.
As a country we are severely underinsured to manage our 25% chance of being disabled for more than 3 months during our working life. The Aussie slang “She’ll be right” sums up how we feel about risk. But the question is – How?
Jessica shares the personal experience of Craig, living in North Sydney, who has to take time off work due to personal injury for several months and its effect on his lifestyle.
Craig (age 42) owns his own web design company which he solely runs earning $150,000 each year. Craig is a typical Australian, who loves his gardening and spending time outdoors with his kids. He also has a home mortgage, investment property, school fees and the expectation of yearly holidays.
One Average Friday Afternoon…
One Friday afternoon while gardening Craig fell off his ladder. In the process of saving himself from falling he seriously damaged the tendons in his right hand. Craig had to undergo micro-surgery on his right hand which subsequently had an infection and required more surgery. This resulted in him being off work for 5 months. At the time Craig was the sole income earner for his family.
How was he going to pay the bills?
Craig had an income protection policy. The policy was able to pay his income while he was unable to work. This provided funds to cover household expenses and most importantly maintain his family’s lifestyle.
What if Craig did not have Income Protection?
Craig’s ability to repay his mortgage would be strained eventually resulting in defaulting. His wife will have to return to work and they will have to borrow from family and friends. Craig’s family now face several lifestyle restrictions but the biggest issue is the emotional toll you face while you sit helplessly at home
Thankfully Craig had peace in mind over the months at home.
Is your lifestyle protected?
Jessica is giving away 20 tickets to her upcoming presentation at North Sydney Financial Village Seminar Series, where leading financial experts share financial business advice on tax, property, business structure, investments and more to business owners. CLAIM YOUR FREE TICKET
If you are concerned about your level of income protection you can discuss it directly with Jessica Waller at CABEL Financial and how you can protect your lifestyle.
firstname.lastname@example.org or 02 8071 0306.