To be honest, I’ve not done a lot of research to share with this post, but seeing as we’re in different corners of the globe, well, it might be moot anyhow!
So, for a long while, I have been ruminating about getting income protection insurance. My superannuation (which is the retirement savings in Australia) covers death, and that would go to whomever I choose (my brothers at this time in life). But what if I accidentally chopped my hand off (not likely)? Or if I got electrocuted and couldn’t work anymore (much more likely)? I know there’s workers compensation, but I don’t think that’s a successful insurance plan.
Have you consider income protection? How relevant do you think it is? I wonder how many people are temporarily or permanently disabled, statistically? Would it be worth it, or would if I decide not to get it, and something horrendous did happen, would the state benefits have me living as a pauper? Would I burden my family and friends with my poverty? So many what ifs….
More questions than answers, so I welcome your thoughts and ideas!