Disability Income Protection

Most of us insure our assets – but are you protecting your greatest asset – your ability to earn?

Just because your health suffers a setback, your financial wellbeing doesn’t have to.
When illness and accidents leave you unable to work, disability income protection can protect you from the consequences.

Disability Income Protection provides you with a monthly payment if you are unable to work, due to illness or injury for more than 10 hours per week.

The good reasons to have Disablity Income Protection

  • Unexpected illness
  • Keeping your household running
  • A chance to recuperate
  • A quick return to work or a new vocation

Q

Who needs Disability Income Protection?

A

Your current circumstance determine this and your Paragon adviser will complete a needs analysis to determine if you need it. As a general rule if your quality of life depends on your income, disability income protection is worth considering.


Q

How long can I claim for?

A

Your income protection plan will give you a choice of how long your benefit is paid for. Often the choice will be 2 or 5 years or to age 65. The option of to age 65 offers the best protection but is more expensive than a 2 or 5 year benefit.


The Startling Facts:

  • 50% of males are likely to become disabled due to an illness or accident before they turn 65, preventing them from working for at least a month.
  • 70% of females are likely to become disabled due to an illness or accident before they turn 65, preventing them from working for at least a month. Of these, nearly a third will still be on a claim 12 months later.
  • Over two thirds of disabilities are caused by illness - and consequently no ACC benefit is payable (source: AIA source Davis Financial and Actuarial 2005).

 




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