Income protection insurance offers an income stream for you should you become unable to work due to an injury or illness.

Income protection insurance offers an income stream for you should you become unable to work due to an injury or illness.
In the consequence of a claim, the insurer resolve pay an amount (normally up to 75% of your gross salary in Australia) awaiting you have recovered adequately to work again, or up until the maximum benefit period as stated in the guidelines which is normally up to age 65.
Income Protection Insurance is just not something that you think about when you head off to work each day or go for that weekend drive or overseas holiday. You insure your property and automobile without a second thought. You usually organise the travel cover. You also need to life insurance cover yourself.
Income Protection Insurance is the first step in securing your standard of living if something does go wrong. We source income protection policies from major insurance companies to give you the most suitable insurance available.
Like the majority of us you almost certainly submit to the odd day off every so often for small ailments. But imagin if a more severe sickness or injuries prevented you from generating an salary for a longer time period - weeks, months even years?
How would you retain up your mortgage repayments, school fees, running the car, credit cards, everyday living expenditures, for instance food, apparel, telephone expenses etc. Let alone medical expenditures that your health fund simply does not cover!
Income Protection Insurance will care for your greatest asset... your salary. When things go wrong due to health problem or accident your insurance will keep your salary coming in. Income insurance is worth considering for all working people.
Why do I need income protection insurance?
Ask yourself what would happen if you woke up tomorrow and found you were incapable of working for an extended period of time. Do you survive without your income for an extended period of time (12 months or longer)?
Income protection insurance provides cover for individuals, 24 hours a day, anywhere in the world, regardless of impairment.
If you are young, single, married and dependent on a regular salary. You probably have debts, a house loan, vehicle repayments to make, school fees and usual payments to pay, Income Protection Insurance may very well be crucial form of cover you will ever use and in most cases it is also tax deductible. Income Protection Cover is meant to maintain income coming in, month after month, year after year regularly while you're ill or injured.

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author: J Colls www.incomeprotectioninsurancevic.com.au www.incomrprotectioninsurancensw.com.au

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