Sometimes unexpected events can cause financial havoc, for instance, getting injured and no longer being able to earn an income.
While having insurance won’t stop these things from happening, it transfers the financial risk of not being able to earn an income due to illness, injury or death from you to the insurance companies.
Your ability to earn an income is an asset worth insuring
Most Australians don’t think twice about insuring assets like their home and car, but it’s equally important to see your ability to earn an income as an asset. Rather than reimburse you for specified costs incurred, as with home and car insurance, death and disability insurance pays a lump sum, while income protection insurance replaces your income. You can use this money as needed, for instance, to pay debts, provide an income or cover medical costs.
The importance of personal insurance is highlighted when you consider that the average wage earner makes around $3 million over their working life1. That’s worth protecting!
Benefits of having insurance
- Peace of mind.
- Manage the unexpected and remain financially stable.
- Not have to use your savings, borrow money or sell assets.
- Protect your family financially if you were to die.
- Feel confident you and your family will be financially looked after in times of need.
- Continue paying your bills and mortgage or rent if you injure yourself and can’t work for a long time.
Find out more
Get financial advice
Call Mine Wealth + Wellbeing Financial Advice on 13 MINE (13 64 63) for free phone advice about your insurance with us.
Our members say
After a 30 year career in mining, Peter Ryan was able to claim on his insurance with Mine Wealth + Wellbeing Super after being told he could no longer work because of ongoing medical problems.