The income that you earn throughout your working life is a vital resource in terms of the management of your personal finances now and into the future. It allows you to fund your lifestyle expenses and work towards the achievement of your financial goals and objectives.
Here is a simplistic example of just how vital employment income can be. You are 30 years of age, currently earn $60,000 per annum, and plan to work until age 65. By adjusting for inflation and not taking into account taxation, your income earning capacity over this 35-year period could equate to $2,999,669.
Imagine being unable to work for a period due to a sickness or injury and how this would impact your income earning capacity. How would you and your family cope financially and plan for the future, especially if an appropriate Plan B was not in place? Consequently, in this animation, we illustrate the importance of Income Protection insurance.