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Secure Your Future with Income Protection Insurance

Income protection plans is considered to be an essential for people who earn more than $20,000 annually since these plans offer various benefits that include compensation payments and additional benefits. Income insurance policies ensure that both the member and his family do not have to worry about bills, payments, loans and mortgages when the member is temporarily unemployed. Listed below are some ways income protection insurance can secure your future.

Income protection policies can secure your future by providing monthly compensation payments when you cannot work due to reasons such as temporary injuries or illnesses. These plans ensure that you and your family can pay bills and run your household every month even when you are on unpaid leave. Income protection policies are ideal for both men and women who are either employed by an organization or are self employed.

A good income protection policy that offers maximum compensation can secure your financial future by ensuring that you get up to 75% of your pre tax salary amount towards compensation payments when you file a claim. In addition, a good policy can also ensure that you receive up to an additional 8% as compensation if your salary package offers certain benefits such as superannuation benefits.

A good policy may also offer other perks such as a death benefit, surgery benefits and rehabilitation benefit. Majority of the insurers in Australia allow buyers to manage their policies online which allows buyers to make certain changes on their own conveniently.

Buyers who are in their early to late 30s are usually encouraged to opt for long term plans from reputed insurers since these plans offer long time protection against many potential risks. Buyers who decide to opt for plans for 10 years or more may be given an option to choose between two premium payment plans that are stepped and levelled premiums.

Most buyers who are interested in long term financial security opt for levelled premiums for the simple reason that the amount paid towards a levelled premium payment plan stay the same and buyers are not asked to pay increasing amounts as they grow older. It is important to note that some insurers may require buyers to switch to the other premium payment plan that is, stepped premiums after they turn 50 or 55 years old.

Since majority of the income protection insurance policies have a waiting period that ranges from 2 months – 2 years, buyers are advised to select a waiting period with caution especially if they have only a few paid leaves. Remember, an income protection plan can protect you and ensure that you do not have to worry about expenses provided you opt for a good plan that offers benefits such as a short waiting period and a long benefit period.


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