On the weekend I decided to work on my project car and replace the shocks. For anyone who knows about cars they know the springs need to be compressed for this job, for anyone that doesn’t I won’t bore you with too many details. Long story short it’s a relatively risky job when you compress the car’s springs and if they come off can cause real damage, to you or your property.
I was unlucky enough to have one of my compressors seize and then have the spring take flight, but I was lucky enough to only get a small knock to the elbow.
One bruise on my elbow and a massive bruise on my ego got me thinking about the importance of income protection, yup that’s how a financial planner thinks.
I’ve got my income protection all set up so if I was in the firing line of the spring and out of work for a while my family would be okay, because if I can’t get into work we wouldn’t be able to afford our mortgage, bills, etc.
Everything I do is for my family so protecting them is 100% a must for me.
I don’t like sounding like an insurance salesman but income protection, to me, is one of the most important purchases of your life. If done wrong can be a huge expense, but if done right can be more than manageable.
Plus, it has the added bonus of being tax deductible so you get a fair chunk of the premiums back on your tax return, depending on your individual tax rate up to 47% back.
If you lock in Level premiums while you are young and healthy can save you a small fortune by the time you are 65.
Income protection has a lot of variables too, so feel free to reach out for a no-obligation quote and we can discuss options and what you need. We receive commissions from insurance companies, like a mortgage broker from a bank, so 9 times out of 10 we won’t even need to charge you to do the work for you.
For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds
