Do you have disability insurance or life insurance? Many people in Perth neglect to protect their most important asset: themselves. That can be the biggest mistake a person makes in their entire life. Nobody wants to contemplate something bad happening to them in their future, but statistics don’t lie. The longer you live, the more likely you are to suffer disability, and death is something that happens to us all.
Life and disability insurance are lumped into a category called “life products.” Here are the basics of insurance products that are available to help you protect yourself from financial ruin in the event of death or disability.
Life insurance pays a lump sum to your estate if you die. If you are the main breadwinner in your family and you die, you could leave your family with no income. Life insurance guarantees that your family will have money to pay expenses in the event of your death.
Income Protection Insurance
This can cover as much as 75% of your income in case you won’t be able to work for an extended period of time due to injury or illness.