Unless you have readily available cash at hand you may well be in a very vulnerable financial position without disability income protection insurance.
Long term illnesses and incapacity (such as cancer therapy treatments) can wreak havoc with family finances at a time when most can ill afford it.
Worries and stress related to financial issues are known to exacerbate medical conditions and hamper recovery - creating a vicious cycle that can very quickly spiral out of control and into a mountain of debt.
Mortgages, housekeeping, school fees, loans and utility bills are just a few of the countless examples of expenses that continue when your income stops!
Think about yourself and those that are financially dependant on YOU - your partner and your children - how would their lives be impacted if YOUR income stopped!
Don't wait until you become uninsurable or start suffering the consequences of financial hardship.
Lets face it, the law governs that we insure our motor vehicles, that are maybe worth USD 50,000.00 and yet the vast majority of people have never considered insuring :
THE most important commodity - our ability to earn income
Looked at another way, if you are currently aged 40 earning USD 50,000.00 per annum your potential lifetime income excluding pay rises, indexation etc etc up to age 60 will be
USD 1,000,000.00 - a million dollars
Once your disability income protection plan is effected, should you fall ill or become disabled, your income benefit payments will commence after your elected deferred period.
Your income payment benefits will continue until you return to work or, if you are unable to return to work, until your plan maturity date which is typically your 65th birthday.
Additionally, disability income protection benefit payments are subject to indexation to help keep pace with inflation.
Insurance companies will be interested in the following criteria in order to accurately determine your premium payments :
My life has changed forever, my income stopped but the bills haven't!
My advice is to buy disability income protection insurance NOW
A new browser tab will open the quotes page