Income protection provides financial security in times of uncertainty. Ensuring you have income to meet continuing obligations is vital – especially when you have a family, own a house or investment property. Mike Pero works with a panel of providers that can help protect you and your family in these situations.
Disability income protection
If you had an accident or illness that affected your ability to earn, what would happen to your partner, children, business, home or lifestyle? Would you be able to pay the mortgage, the monthly bills and meet your children’s schooling expenses?
Life is not without its risks which is why you should protect your valuable asset – your ability to earn.
Available to employees as well as self-employed, your Mike Pero Adviser can tell you about including payments towards rehabilitation, occupation re-training and replacement labour. Additionally, ongoing business expenses can be covered for a specified period if you need it.
Agreed value vs indemnity cover
Agreed value policies typically provide a monthly benefit of a portion of your income. This is generally around 55%. The benefit of an agreed value policy is you know exactly what you will get at claim time. This type of cover is often the preferred option for people who have no trouble supplying earning details.
Indemnity policies provide a monthly benefit of 75% of your earnings as they are immediately prior to any disablement. This type of benefit is often taken up by self-employed people who have trouble providing income details at the time of taking out the policy.
Your Mike Pero Adviser will be able to consider your personal circumstances and advise what is the best cover for your situation.
Redundancy shouldn’t slow you down
Sometimes redundancy can come at the moment you least expect it. It’s important to make sure that if you do find yourself unexpectedly out of work – you’re financially ready. Your Mike Pero Adviser can help you insure your mortgage repayments, or up to 40% of your gross income (whichever is greater) in the event that you are made involuntarily redundant.