How income protection can help you and your family in tough times
11 September 2021
Injury and sickness are stressful at the best of times, but even more so if they prevent you from going to work. Most of us have some sick leave up our sleeves, but what if you were unable to work for several months or more? It may become challenging to keep up with your family’s increasing expenses like mortgage, rent, groceries etc. Below are some ways Income Protection can help you and your family through tough times.
Help protect your savings and investments
Don’t put all your eggs in one basket. Relying solely on savings to cover your loss of income can be a risky move. Eating away at your hard-earned nest egg or investments can set you back years, which could leave you and your family financially vulnerable. With Suncorp Income Protection Insurance you can get cover for up to 75% of your monthly income (up to $10,000), if you’re unable to work due to sickness or injury.
Stay debt free
Relying on credit cards to pay the bills or put food on the table may be OK in the short term, but this can be challenging if you’re unable to work for several months or more. Burying yourself in credit card debt will not only add to your financial stress, you may end up paying more in interest repayments in order to keep your family afloat. Income Protection provides a monthly payout that may cover things like rent or other everyday expenses leaving you to focus on your recovery.
Take the pressure off
Having Income Protection can take some of the financial burden off your shoulders and allow you to concentrate on what’s most important: getting better and being back to work when you’re physically ready, not when you have to.
You cover your car, home, and contents, so why not protect your income from the unexpected? Get an Income Protection Insurance quote online within minutes, with no medical tests.
If you have any questions about how Income Protection Insurance can help you, then speak to our Suncorp Income Protection specialists on 13 11 55.
Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL is not part of the Suncorp Group. TAL uses the Suncorp brand (part of the Suncorp Group) under license. Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is available on our website.