Protecting Your Income: What Happens if You Can’t Work?

If you earn around the average full‑time Australian wage, your lifetime earnings across a 40‑year career can add up to many millions. That income funds everyday life, major goals like buying a home, and your retirement savings. A period off work due to illness or injury can derail those plans.

Short‑term stopgaps

Workers compensation, accumulated sick leave, and savings may cover basics for a time, but they often won’t stretch to mortgage repayments, loans and out‑of‑pocket medical costs—especially if recovery takes months rather than weeks.

How income protection helps

Income protection insurance typically pays a percentage of your pre‑disability income while you can’t work. Policies are configurable: you choose a waiting period (for example, 2 weeks to 6 months) and a benefit period (for example, 2 years or up to age 65). Many policies include rehabilitation benefits to support a gradual return to work.

Tax and cash‑flow

Premiums are generally tax‑deductible when the policy is held personally, and benefits are usually taxed as income. Advice matters to get the ownership and features right for your situation.

Peace of mind

Protecting the cash flow that funds your life can be the difference between a setback and a crisis. A licensed adviser can help tailor coverage to your needs and budget so your long‑term plans stay on track even if you’re sidelined for a while.

Make an appointment with me today for a no-obligation chat to discuss the ultimate way to secure your financial future.

Disclaimer

General advice only: This information is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for your circumstances and seek personal advice. Past performance is not a reliable indicator of future performance.