How long could you get by without your income?
Written on the 21 November 2018 by Quentin Carter - Fox Wealth Solutions
We took a call from a client recently who had popped out of the office to grab a coffee; all was right in the world.15 minutes later she tripped on an obstacle and broke her left arm and right wrist. In the blink of an eye not only was she in a world of pain, she's off work for at least 6 weeks and further her husband, now primary carer, is off work for 2 weeks to assist with activities of daily living and personal care we often take for granted.
Really simple things, like opening a door, dressing yourself, making a cuppa, drinking a cuppa, having a shower or driving a car become painfully impossible without the use of at least one arm. Everyday life can drastically change in the blink of an eye.
Complete rehabilitation could take months, what then?
We were introduced to this client after they had just cancelled income protection and other life insurances which sadly due her age were unable to be replaced.Imagine if this wasn't covered by work cover? Once your personal and holiday leave is exhausted you are on your own. Centrelink payments might help but they're at least 6 weeks down the track on a good day!
Income protection, an expense that can be met from superannuation if appropriate, can protect your income from accident or illness and allow you to recover without the significant additional financial stress you might otherwise experience. It needn't cost the earth and as an added bonus is also generally tax deductible.If this has raised some questions for you, please speak with our Qualified Financial Planner, Quentin Carter, today about how we might help protect you and your family.
Footnote: A common misconception is that you need a lot of money to go and see a Financial Planner, but this couldn't be further from actual reality. What you do need is good old fashion common sense to go and see a Financial Planner, so you can have a lot of money. In your future! Everybody's journey starts somewhere.
Author:Quentin Carter - Fox Wealth Solutions
About: Qualified Financial Planner