Why Income Protection Is Essential - A Case Study!

2/3 of Australians don't have Income Protection Insurance, so how would you keep paying the bills and living the lifestyle that you have become accustomed to if you are one of these people? Below is a case study that really happened; only names have been changed so that the clients could remain anonymous.

Paul and Janet were living the perfect life that they had always dreamed of.

They had two beautiful children and they had worked really hard to get to where they were. They had made lots of sacrifices to safe money so that they could put down a deposit on their dream home. Everything had been going according to plan...

Janet was at work when she received the call. Paul had collapsed and they had taken him to hospital by ambulance.

Paul had suffered a stroke, at the age of 35 without any warning. He had never smoked, never drank alcohol, and went to the gym regularly to keep fit.

Now he was lying in the hospital unable to move and not responding to the doctors or her. Janet had no idea how long Paul was going to remain in this state, and if he would ever recover completely.

Janet had always left Paul to pay the accounts, and never concerned herself about how they were paid. All of a sudden there were all these piles of unpaid bills with electricity and gas disconnection notices. Janet realised that Paul was not going to be working for some time, and that there was a strong possibility that they would have to sell their dream home.

The day that Janet got the call from Paul's boss informing her that he had taken out Income Protection, was like waking up from a nightmare.

Paul is now in a rehabilitation clinic and is recovering slowly. At least they still have their home, and Janet thanks her lucky stars everyday that Paul had Income Protection Insurance, without which they could not have survived.

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Published on January 1-th, 2012 in Income Protection Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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