As a professional, you probably enjoy a good income and a comfortable standard of living. Many professionals have worked hard to attain the right qualifications and experience to allow them to earn a reasonable income and to work in an occupation that interests them. However, have you considered how your family would manage if you were unable to work for a set period of time or even indefinitely?
Asking this simple question can highlight the importance of protecting your lifestyle and your family’s assets with life insurance. Contrary to popular belief, life insurance isn’t just there for premature death. Income protection, total and permanent disability and trauma insurance, are all potential add-ons designed to help provide you with an income in the event that an illness or injury prevents you from working for a significant period of time. Neglecting to purchase enough insurance means that you and your family could be left struggling financially, particularly if you have debts such as a mortgage which you need to repay.
Obtaining an insurance plan that offers excellent financial protection may not be as expensive as you might think, as some types of insurance – for example, income protection insurance – are typically tax deductible. Having enough coverage to help maintain your family’s lifestyle and avoid financial hardship is essential for any professional and it’s worth looking into your options as soon as possible. Hopefully you will never need to claim on your insurance, but in the event that you do, it could help you minimize or even avoid financial stress while you are dealing with illness or injury.