A recent global study conducted by MetLife, into the financial concerns, needs, habits and expectations of employees in Australia, Brazil, India, Mexico and the UK found that more than half of the Australian workers surveyed, the major concern is having enough money to pay household bills in the event of sudden income loss.
Yet few of the Australians surveyed actually have income protection insurance or adequate life insurance to cover their household’s needs should they find themselves without an income.
The study also found that over 25% of Australians live pay packet to pay packet, or have some difficulty paying bills and almost all admitted to having some form of debt.
Interestingly, most Australians believe their superannuation fund or their employers will cover their personal insurance and financial protection needs, when in fact there may be limitations on benefit payments through super or employer funded insurance.
To ensure you or your family are properly protected against sudden income loss, taking additional insurance cover outside of your super or employer funded insurance will provide you with more comprehensive protection so you won’t be left high and dry.
After all health insurance will only pay for your medical expenses, but you’ve also got mortgage or rent; utilities; groceries and other household expenses to consider as well. Without your regular income to cover your living expenses, and without adequate personal insurance to provide financial assistance due to an accident or illness, your only recourse is to dip into your savings.
Having additional personal insurance, whether it’s life insurance, income protection insurance, trauma insurance, or disability insurance can provide you or your family with financial independence and help alleviate financial stress in the event of sudden income loss.
If you’re concerned about loss of income, don’t just rely on your super fund or employer for insurance cover; speak to your financial advisor about what type of personal insurance cover is best for you and your family, for real peace of mind and financial security.
Find more Information on getting Income Protection Insurance Quotes