How much you should spend on income protection insurance all depends on your personal financial situation. Rather than think about it in terms of what it costs, it helps to instead think about what it would cost to be out of work.
Income protection insurance is designed to support you for an extended period of time. So, to determine how much you should spend on your income protection, it’s useful to start by working out your budget. Map out all your monthly expenses, and match this against the income you’d usually earn. It’s also a good idea to plan for super payments, too, so you can continue planning for your future.
So ultimately, what you spend on your income protection will be determined by the level of cover you require, and the value of the quote you receive. We can connect you with our network of over 15 trusted insurance providers, to ensure you get the best income protection insurance quote for your situation.