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At MLS Financial, every year we help our clients to claim on their income protection, financially protecting themselves from life’s unexpected turns. Whether you’re just starting your financial journey as a first home buyer, actively building wealth, or nearing retirement, one truth remains constant: your ability to achieve your financial goals depends heavily on your ability to earn an income. But what happens if an accident or illness suddenly takes that ability away? This is where income protection becomes not just important, but essential.
Why is Income Protection Important
Income protection is a specialised insurance policy designed to replace a portion of your income if you are unable to work due to illness or injury. It’s the financial safety net that ensures your progress towards your goals don’t come to a grinding halt, even when life throws you a curveball.
The Stark Reality: Income Protection for Every Life Stage
- First Home Buyers:
- Securing Your Dream Home: As a first home buyer, one of your goals is likely to purchase your first home. But what if an unforeseen accident prevents you from working? How will you continue to build your deposit, or pay your mortgage? Without income protection, even minor injuries such as broken bones, or short term illnesses might put your future goals at risk – let alone more severe long term injuries and illnesses.
- Avoiding Financial Setbacks: A temporary loss of income could lead to the temporary inability to save, missed payments or damaged credit, and ultimately, could be a significant setback in your homeownership journey and achieving future life goals.
- Wealth Accumulation:
- Building a Strong Financial Foundation: During your Wealth Accumulation phase, you’re focused on growing your assets and securing your financial future. But this journey is highly dependent on your ability to earn an income. Income protection ensures that an accident or illness doesn’t force you to deplete your savings or derail your long-term goals.
- Protecting Against the Unexpected: Life is unpredictable, and the inability to work could mean the difference between staying on track and financial devastation.
- Retirement Planning:
- Preserving Your Hard-Earned Savings: As you approach retirement, your focus is on preserving the wealth you’ve accumulated. But a sudden health issue could force you to dip into your retirement savings early. Income protection ensures you won’t have to compromise your planned retirement date, or sacrifice quality of life in retirement.
The Benefits of Income Protection
- Peace of Mind Through Customised Coverage: At MLS Financial, we advise on your income protection policies to cover up to 70% of your income. We provide a comprehensive insurance plan ensuring you’re financially secure even in the worst-case scenario. This coverage is tailored to your life stage, whether you’re buying your first home, accumulating wealth, or planning for retirement.
- Tax Efficiency: In many cases, personally paid income protection premiums are tax-deductible, reducing the overall cost and making this essential coverage more accessible.
- Support Beyond Income: Income protection often includes additional benefits like rehabilitation and counselling, helping you get back on your feet as quickly as possible, both physically and financially.
- Financial Independence: Perhaps the most significant benefit of income protection is the freedom it provides—knowing that in the event of injury, illness or accident, you can continue to pursue your financial goals without fear of financial ruin.
How Does a Financial Adviser Help?
At MLS Financial, we’ve built our reputation on providing holistic financial advice with a focus on your long-term goals. We believe income protection is an important consideration to ensure your financial goals remain on track. Without the appropriate insurance protection in place, all the careful planning and wealth accumulation you’ve worked so hard for could be jeopardised by an unforeseen event.
Our experienced team in Penrith is here to guide you through the process of selecting the right insurance policy, ensuring it aligns with your specific needs and life stage. We work closely with you to understand your financial situation, goals, and concerns, so we can recommend the most effective coverage to protect your income and secure your future.
Contact MLS Financial for Insurance Advice in Penrith
In a world where the unexpected can happen at any moment, insurance is an important safeguard that ensures your financial goals remain within reach—no matter what. Whether you’re buying your first home, building wealth, or preparing for retirement, insurance provides security and peace of mind you need to pursue your dreams without interruption.
At MLS Financial, we’re committed to helping you achieve your goals, even when life throws you off course. Don’t leave your financial future to chance.
If you want to discuss any strategies for your financial plan, contact MLS Financial today through our online contact form or on 1300 791 800.
Disclosures:
- This information has been compiled from sources considered to be reliable, but is not guaranteed.
- The information contained on this website is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. MLS Financial and Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.
