Securing Your Family’s Future with Insurance that Protects Your Income

Dealing with an illness or injury in the family is difficult enough without the added strain that comes with a loss of income. That’s why Income Protection insurance is so important.

You may think you don’t need insurance to protect your income while you’re young and healthy, but it makes sense to prepare for the unexpected now as you may not always be able to take out insurance if you are no longer healthy. Plus, the younger and healthier you are when you take out personal insurance, the lower your premiums may be.

Why is it so important to have the right Income Protection Insurance?

With some of the highest levels of personal debt in the world, Australian families are more vulnerable than most. Studies have shown that only 38% of Australia’s working population is covered by Income Protection insurance, and in many cases that cover is inadequate (1). Another damning statistic is that 20% of Australians who default on their mortgage cite illness or accident as the cause (2).

Income Protection insurance, when structured appropriately, can be one of the most tax-effective insurances. It can also be taken up inside and outside of super.  Please contact your Adviser at DJ Carmichael if you have any questions about how Income Protection Insurance could be best utilised in your situation.

Tim Houlihan (AdvDip. FP)
Wealth Adviser

Tel: (08) 9263 5247
Mob: 0427 877 078

1. Rice Warner, Underinsurance in Australia, November 2013.
2. Mortgage default in Australia: nature, causes and social and economic Impacts, Australian Housing and Urban Research Institute, March 2010.


This information is general advice only, which has been prepared without taking account of your objectives, financial situation or needs; and because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.