August is Money Month, and this year’s theme is all about building stronger financial foundations with an emergency fund. At Apex Advice, we believe the most important place to start is with protecting your income – the foundation that makes every other financial goal possible.
If your income stopped tomorrow… What would carry you through?
In 2024, AIA paid out over $97 million in Income Protection claims. The leading causes were:
- Musculoskeletal conditions – 31% of claims.
- Mental health conditions – 25% of claims.
These figures highlight just how vulnerable income can be. Illness, injury, or redundancy can arrive without warning, disrupting your ability to earn and placing strain on both your lifestyle and long-term plans.
That’s why income protection insurance is one of the most valuable tools you can have in place. It provides a steady financial lifeline when you are unable to work, helping you manage essential expenses without dipping into savings or taking on debt.
Money Month tip 1: Check whether your current cover would fully support your essential expenses if your income stopped tomorrow.
Why income protection matters
Your ability to earn pays for everything – your home loan or rent, groceries, utilities, school fees, and more. Without it, even a short-term disruption can quickly become overwhelming.
Income protection provides:
- Regular payments if you are unable to work due to illness or injury.
- Peace of mind knowing your essentials are covered.
- Breathing room to focus on recovery, not finances.
Money Month tip 2: Align your level of cover with your income, family responsibilities, and lifestyle.
The supporting role of an emergency fund
While insurance covers your income for longer periods of illness or injury, an emergency fund can bridge shorter gaps or unexpected costs. Together, they provide a strong safety net.
An emergency fund gives you flexibility to cover:
- Medical bills not covered by insurance.
- Small unexpected expenses.
- The time it takes for an insurance claim to be processed.
Money Month tip 3: Build a savings buffer of at least 3 months’ essential expenses to complement your insurance cover.
How Apex Advice supports you
Insurance can feel complicated – but that’s where our advisers step in. We make it simple to understand your options and build a plan that’s right for you. Here’s how we help:
- Tailored insurance recommendations: We explain your options, compare premiums, and recommend cover that matches your income and family situation.
- Emergency fund planning: We guide you on building a buffer that works alongside your insurance.
- Expense restructuring: We help you set realistic saving habits and find ways to reduce financial pressure.
- Future-focused strategy: We create a plan that adapts as your income and family needs change over time.
Money Month tip 4: Review your insurance annually to make sure it still fits your life today – not just when you first took it out.
Bottom line for Money Month
Your income is one of your most valuable financial assets. Protect it with the right insurance, own your financial journey with an emergency fund that provides flexibility and confidence, and grow your long-term security with a plan that adapts to life’s changes.
Complete the form below to speak with one of our insurance advisers and take the first step toward protecting your income and your lifestyle.
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