You’ve worked tirelessly to own the home of your dreams. But if you suffer an injury or illness that prevents you from working, will you be able to cover your mortgage repayments?

Whether you’re involved in a car accident or suffer from cancer, you want to spend time focusing on getting back to health rather than worrying about finances or mortgage payments. The Australian Institute of Health and Welfare reports that over a third (35%) of Australian households have a mortgage, so having a financial security blanket in place if the worst should happen is extremely important. Taking out insurance can help to remove the stress of worrying about mortgage repayments.

Below we’ll explain the value that Income Protection Insurance can offer when it comes to keeping the roof over your family’s head.

How can Income Protection help cover my mortgage?

Income Protection can kick in as an alternative source of income if you’re temporarily unable to work due to an illness or injury. That might be because you hurt your back while working around the house, you suffered a heart attack, or broke your leg in an accident, to name a few.

A monthly payment of up to 70% of your income for a nominated period of time, can help you keep your household up and running and provide for you and your loved ones while you recover. If you’re needing to take a prolonged period off work to get back to health, income protection can relieve the financial pressure and stress of making mortgage repayments. Income protection insurance is paid out in monthly instalments that can help cover your mortgage repayments, so you can concentrate on getting back on your feet. You can choose to take out Income Protection on its own, or in a package which can be tailored to suit your personal situation. If you are looking for something in the form of lump-sum cover, Total and Permanent Disability (TPD) insurance can provide you a lump sum payment if you become permanently disabled due to accident or illness. You can opt to use this for medical or rehabilitation treatments and can also go towards paying off your mortgage.

Having financial support in place for unexpected illness or injury means you can focus on your recovery. Contact the Elston Wealth Protection team now for a confidential discussion about Insurance Advice.


If you would like more information on income protection please call 1300 ELSTON or contact us.

*Source: TAL, The Business Partnership Program