Easy Income Protection Insurance: Why the Self-Employed Need It
QUEENSLAND, Australia August, 2012 – Australians are known for working hard and enduring long hours to build wealth throughout the ‘peak’ working years. What Aussies may not be so good at is preparation and planning to protect that hard-earned wealth. But without protection, everything that has taken a lifetime to accumulate can be taken away in an instant. www.arrowinsurance.com.au/
Mark Bouris of of Yellow Brick Road said in a WA Today report that one of the major assets during the ‘peak’ years is the earning power of the individual, which is not available after we retire*. Accidents, ill health, or calamities can temporarily or permanently take away this earning potential during the peak years and leave people unprepared for next month’s bills let alone retirement.
Employees who become ill or suffer a temporary injury can use their salary continuance and workers’ compensation, sick leave, or annual leave when they can’t report for work. However, the self-employed do not have these luxuries to keep their business and personal expenses paid if they are ill or injured. So, how can the self-employed protect their earning potential and avoid risk to their present and future earnings? www.arrowinsurance.com.au/
Mr Bouris reminds the self-employed that they can “protect their income generation with life insurance, income-protection insurance, and total and permanent disability insurance*.” Most self-employed are quick to insure their house, their car or their stock but forget to insure their most important asset – themselves.
“Self-employed people should seek advice from competent insurance specialists to arm themselves with the knowledge of how they can protect themselves when they experience a temporary or permanent loss of income so they don’t lose it all when they least expect it,” says Steve Culpitt, Financial Adviser and Administrator of Arrow Insurance Consultant Services Pty Ltd. www.arrowinsurance.com.au/
“Income protection is particularly important for the self-employed who cannot rely on short-term sick leave from an employer. An income protection policy can pay a regular income if the policy holder is unable to work because of sickness or injury and most policies will pay up to 75 per cent of the average monthly income (net of business expenses but before tax),” says Steve, who adds that income protection premiums are generally tax deductible. www.arrowinsurance.com.au/
Steve’s insurance advice company Arrow Insurance Consultant Services offers income protection insurance advice complimentary to the advice seeker and every Arrow Insurance consultant believes in a personalised approach to helping clients understand financial and insurance decisions so they can make the right choices for the protection of themselves, their family and their business. For more information or professional advice on income protection insurance please visit www.arrowinsurance.com.au/.
* Source: http://www.watoday.com.au/money/super-and-funds/supers-different-strokes-for-different-folks-20120728-2329o.html#ixzz22TrvUxVC
- Contact Information
- Steve Culpitt
- Financial Adviser
- Arrow Insurance Consultant Services
- (61) 1800 731 328
- Contact via E-mail
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