What is income protection and when should you consider it?
You may have noticed that many young people today think that “you only live once.” This also applies to money management. Millennials today value experiences like travel before preparing for a financially secure future. Technological advancements have enabled the youth to gain experiences such as international travel. This possibility is unlikely for their parent’s generation.
Importance Of Income Protection
The problem is that millennials don’t understand the importance of income protection, and they may be committed to “working hard and playing hard, but are more focused on saving for travel, living at home, and paying off student loans.” ” A priority for many young people these days. So what if they can’t get another 30 years due to an accident or illness? The truth is that they have to make major lifestyle changes. These changes have affected dreams of traveling and buying real estate. It also affects the quality of life in retirement.
We encourage our clients to take all necessary steps to protect their finances. It’s unlikely that it will happen to me, and you do not think about the consequences of an accident or illness. One of our clients invested in his partner’s income protection. What’s his basic income?”?A teacher on a part-time contract has received bad health news that will prevent her from working for 3-5 years, which will also mean she will not be able to provide essential childcare, including pick-up. up and delivery. Income insurance, paying 75 percent of her salary, helps cover living expenses. But she also allows her husband to take time off to care for the children. What are key assets?
What Can You Do?
So what can you do to change young people’s attitudes about income protection? The first step is to educate the next generation about the importance of income protection. And it’s never too early to start. Let Numbers Pro Benefit Group help you build a family for financial security. Click here on Accounting Consulting Firms in Australia or call 03 9510 2120 to find out more.