If there is one thing that we think every Australian needs in their life, it’s income protection insurance. We have all seen our living expenses rise at a rapid rate, and we never know what might be around the corner. That is why it is essential to take out an insurance policy that can cover a percentage of your salary if you are unable to work. There aren’t many safety nets that can give you peace of mind like it. That’s why we want to talk about what you can expect when you take out an income protection insurance policy and how it might be the best thing you think about today.
Income Protection Insurance in a Nutshell
Basically, income protection insurance is there to support you by giving you a wage if you cannot work due to illness or injury. However, the amount you would expect to receive on income protection insurance in Australia is up to 70% of your salary. It may mean missing out on some of life’s luxuries, but it does mean that you can get by in times of need.
What a Basic Policy Should Cover
If you were to go for the most basic income protection insurance policy, it is still a pretty good deal. You will be covered for the majority of injuries or accidents that might prevent you from working. However, it is always important to read the exclusions in this list.
You will also be covered for conditions that might recur occasionally, but this doesn’t mean something that was pre-existing before you brought the policy, so watch out for that. Another thing to be mindful of is updating your information with your policy provider when necessary, as this can also affect your claim.
The benefits of income protection that you probably don’t know about
Of course, when you have a good income protection insurance plan, you will feel at ease, knowing that your money worries are much less than without it, but there are more benefits than meets the eye. Firstly, premiums don’t rise when you make a claim, which means that if you have a recurring issue preventing you from working, you will be able to claim as and when. Secondly, income protection insurance policies are usually easy to understand compared to others, and receiving your payout is hassle-free. Finally, your premiums are likely to decrease if you don’t claim!
Has your mind been changed?
If you are someone who doesn’t have income protection insurance in Australia yet, we couldn’t recommend it more. It has to be one of the easiest policies to understand, the best to payout, and one of the best safety nets you can have. A life without having to deal with financial stress is a blessing that many people can only dream of. So, start looking at policies and find an insurance plan to give you that peace of mind.
If there is one thing that we think every Australian needs in their life, it’s income protection insurance. We have all seen ou
Playing It Safe With Income Protection Insurance In Australiar
