Your income is the foundation for your lifestyle and deserves to be protected.

Having the ability to earn income can boost your confidence in dreaming and living the lifestyle you have worked for. As you know, being healthy day in day out, year after year of your working life is a pretty tall order.  What if a severe illness or injury were to prevent you from earning income today for a period of time – weeks, months or even years? How long could you sustain the lifestyle you have worked very hard to create? Here are 3 simple calculations to find out. Step 1: Current position Add up your total monthly expenses (mortgage/rent/, food, clothing, utility bills, child’s education cost, insurance etc). Disregard your main income; add up any other income after tax. $ monthly expenses – $ other income = +/- $current position Step 2: Emergency cash Calculate your emergency cash fund by adding together any owed weeks of  entitlements (sick leave and annual holiday). Multiply this by your weekly income (after tax) and add that to any accessible savings. weeks entitlement  x $ weekly salary + $ accessible savings=$ emergency cash Step 3: Funding months To calculate the number of months sustainable without your income, divide emergency cash by current position. $ emergency cash divide $ current position = months of self-funding What if you could not work more than your self-funding months and you still had to meet your mortgage repayment cover the cost of your immediate and ongoing health cost pay living expenses fund your children’s education – if you have any How would you cope with all, beside your efforts to get healthier again? Well, do not stress up! There is a solution to your problem; Before too late, simply get your ability to earn income is insured. How? Basically, income protection insurance provides up to 70% of your before tax income when you cannot work due to an illness or an accident. The benefit payment would be on a monthly bases like salary/wages. The good thing to know about this type of insurance is that premium payable is in general tax deductible. I assume you will agree with me that your income is not just about paying your living expenses. It is also your lifestyle, your future! And insuring of your income is the cheapest option to consider when it comes to making sure you can receive an income in the event of not being able to work because of an unexpected illness or an accident. DISCLAIMERS This document has been prepared by HQ Financial Solutions, an Authorized Representative of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735,AFSL No.229892 based on providing for information purpose only. Accordingly, reliance should not be placed on this material as the basis for making an investment, financial or other decision. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including HQ Financial Solutions, Halle Yilmaz or Lifespan Financial Planning Pty Ltd, accepts responsibility for any loss suffered by any person arising from reliance on this information. Before acting on this material, you should consider its appropriateness, having regard to your financial circumstances and needs, and talked to a specialist in that field. Halle Yilmaz is a financial adviser and business consultant. As a financial adviser, she gives solid advice that can create rapid and lasting results for her clients. Sign up for her  free E-Book  and download “7 Steps to Healthy Wealth Management.”