A financial adviser says not providing income protection cover and instead simply giving investment advice is “negligent”.

Omniwealth Senior Financial Planner Andrew Zbik warns seven out of 10 Australians do not protect their largest income-producing asset – themselves.

“I say to my clients, it would be negligent of me to advise them to purchase investments if an injury or illness stopped their ability to earn an income and they could no longer afford to hold those investments,” he said.

Mr Zbik says that based on the average Australian income of $78,000 a year, a person now aged 30 who works until they are 65 could earn more than $5 million.

“Income protection insurance will replace up to 75% of monthly income in the event a person is injured or ill and cannot go to work,” he said.

“Protecting your largest income-producing asset – yourself – just makes sense.”

He says while clients can select their benefit periods, he recommends cover until age 65.

“This means we have truly protected [clients’] income for their working life.”

People seeking income protection should look for an adviser who rebates the commission, he says.

“Then you know it’s not just about selling a product, it’s about protecting the client’s income as part of a greater strategy.”