)
Most people insure their home, car, and even their phone, but often overlook the one thing that supports it all: their income. It’s worth asking a simple question. What would actually happen financially if you couldn’t work tomorrow?
Understanding the impact
For many people, the answer can be confronting.
If your income stopped tomorrow
Without a steady income, everyday expenses don’t stop. Mortgage or rent payments, groceries, school fees, and bills continue as usual. While some people have savings to fall back on, these can be used up quickly, especially if time off work extends beyond a few weeks.
This is where having the right protection in place can make a meaningful difference.
Having the right safety net
Income protection is designed to replace a portion of your income if you’re unable to work due to illness or injury. Other types of personal insurance, such as life cover, total and permanent disability (TPD), and trauma insurance, can provide support in more serious situations.
At the same time, general insurance like home, contents, and car cover helps protect the assets you’ve worked hard to build.
Together, these form an important part of your overall financial position.
Why it’s worth reviewing
Over time, your financial situation naturally changes. Your income may grow, your debts may shift, and your family responsibilities may evolve.
However, your insurance doesn’t always keep up.
This can leave you underinsured, or paying for cover that no longer suits your needs. The goal isn’t to have more insurance, but to have the right cover for your situation.
Taking a closer look
A simple review can help bring clarity.
It can help you understand whether your current cover would support your lifestyle, how long you could manage without income, and whether your insurances are working together effectively.
Bringing it all together
If you’d like a clearer picture of where you stand, the moneyGPS platform can help bring everything together in one place.
By completing your Money Check-Up, you can better understand your financial position and identify any gaps in your protection, so you can move forward with greater confidence.
The information provided the writer was current at the time the article was produced - 04/2026.