Busting income protection myths

ARE you rich enough to cover all your expenses if you hurt yourself and could not work for a while?

Suncorp executive general manager David Carter says few Australians adequately protect their pay packet, yet most wouldn't be without car and home insurance.
"The majority of people depend on a regular wage to get them through each week, yet without income protection the typical Australian family risks losing half or more of their income if a parent becomes seriously ill or injured," Carter says.
Suncorp wants to bust some myths about income protection insurance.
MYTH ONE: It's only worth it if you earn a six-figure salary.
FACT: If you rely on your pay packet to provide for you and your family's lifestyle, there is a dependency that requires protection.
MYTH TWO: My car and house are priorities.
FACT: It's a good idea to protect your most valuable asset, your income. A quick calculation of what you could earn over the course of your career should show you the real priority in terms of protection is your current and future income.
MYTH THREE: I have cover through super.
FACT: Some super funds provide automatic income protection or life insurance, but the cover may not be sufficient. It's important to know how much cover you have and potentially top it up if necessary.
MYTH FOUR: It's too expensive for me.
FACT: For most, income protection is no more than 3 per cent of your annual income, can be as little as 1.5 per cent, and is usually tax-deductible.

Every employee should have some form of Income Protection in place to protect their most valuable asset, YOUR SALARY. Please contact our office for further information, it costs you nothing to inquire, we can let you have an idea of cost and exactly the type of cover you need. +613 9866 2400 or email admin@amazon.net.au .