Top Risks for Not Getting Income Protection

You have car insurance, health insurance, home insurance and life insurance, so why wouldn’t you get insurance for your income too? If it’s not something you have at the moment, it should at least be a serious thought on your to-do list, as it’s easy to join and if you have any problems with claims, someone like Super Claims Australia is in the perfect position to help you get back on your feet. Below are the biggest risks you could face if you don’t get on board.

A Change of Lifestyle

The income you earn is what dictates the kind of lifestyle you lead. If this income is suddenly taken away, how you live your life is going to be one major change you’ll notice immediately. Although your work may be able to pay you some money, and there are government payments you could apply for, these payments would not come close to covering everything you need it to. No more Friday movie nights, no more chocolate treats for the kids; every spare cent you have will go into surviving week to week.

Unable to Meet Payments

An obvious one, particularly if you’re the major breadwinner in the home, is how you would pay your bills and mortgage if your income wasn’t there anymore. If you’re like most people, your mortgage alone would become near impossible to make payments on without a joint income. What does your family do then? A lot of people would find they’d face selling up just to be able to support themselves, and the people in their life, for just a little bit longer.

Added Stress

If you don’t have your income protected, and start facing financial difficulties, this will start to take its toll on you and your family. The last thing you should be worried about if you’re seriously ill or injured is the dollars and cents in your bank account; you need to be focusing on getting better. Stress takes an enormous physical and mental strain on your body. It can make you erratic, less focused and even make your sickness worse. If you’re faced with the constant stress of not enough funds coming into your household, the chances of getting better quickly are pretty much thrown out the window.

A Changed Life

Even if you do manage to make it out the other side of an illness or injury without something like income protection, and get back into the workforce, how much would you have sacrificed to get back there? The answer is: probably everything. Facing that kind of debt and future constraints can be soul-crushing, especially at the thought of playing catch up for the rest of your life. Don’t put yourself through it.

It’s not something you like to think about; being so sick or injured that you can’t work anymore. But unfortunately it does happen so you need to think about what’s important in your life and how you can go about protecting every single part of it.

Have you or anyone you know ever had a serious illness or injury that has taken them away from work? How did they cope with or without income protection? Write your comments in the space below.

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