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How long could you survive on your piggy bank savings?

By Michael Giansiracusa on

An unexpected life event could just be your undoing.

"The average woman in Australia is only 92 days away from financial ruin. For men, that period is an ever-so-slightly more comforting buffer of 120 days." according to an article published by news.com.au on November 20, 2014.

Statistics like this are alarming and should make us all stop and think about our own financial position. The article speaks about having to rely on your savings in the event of a job redundancy, but what about it you suffered an injury or became critically ill?

How long would the savings in your piggy bank last?

Could you afford to keep up your mortgage repayments, pay school fees and household bills as well as your medical bills?

Unfortunately, the reality is that not everything is covered by Medicare.

If you've done your sums and found that your savings account wouldn't last more than a couple of months, then maybe you should consider an Income Protection policy.

An Income Protection policy will generate certainty for you and your family, knowing that in the event you are unable to work due to sickness or injury, you will be able to keep life on track with the financial benefits the policy can provide to you.

 

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