What is your greatest asset? Your home and its contents? Your car? Your life? Many people insure these assets, yet, all too often they don't adequately protect what is potentially their greatest asset - their ability to earn an income.
Take a moment to consider what could happen to your lifestyle if you were unable to work for an extended period due to illness or injury. Your expenses could quickly run down your savings. You may even need to sell your investments to make ends meet.
By taking out income protection insurance you can protect your greatest asset and avoid putting your family's lifestyle at risk.
If you suffer an illness or injury and are unable to work, income protection insurance can pay you a monthly benefit (usually 75% of your pre-tax income) to replace lost earnings. You can generally claim these premiums as a tax deduction.
You can choose a range of benefit payment periods, with maximum cover usually up to age 65. You can also choose a range of waiting periods normally between 14 days and 2 years.
Please contact Mentor and speak with one of our Advisers, so we can provide you with tailored financial planning advice which is appropriate for your individual needs.