What To Look For In Income Protection Insurance Policies
Many people dont even think about the possibility that they may not always be able to work and earn an income to keep up their chosen lifestyle
. Being suddenly unable to work due to accident or sickness usually means a great deal of hardship for the family. Plans for educating the children may have to go out the window, creating ongoing poverty problems that could extend through generations.But taking out income protection insurance will give you income payments to replace your lost income not fully, but at least partially. In the case that you are unable to work and earn that income you have come to rely on, income protection insurance can provide a means of support that will ensure your plans and goals can still be achieved.
However, not all income protection insurance in Australia is the same, so it is important to compare income protection insurance policies before deciding which one is suitable. While you can easily get an income protection insurance quote online, it is important to read the fine print to find out exactly what you will get paid - and when.
One thing to look for is the time frame of the payment. Some income protection insurance will pay right through until retirement age when other benefits become available i.e. your superannuation fund, but others may have a limitation on the time they will pay for. Some Income Protection Insurance policies will pay a percentage of your salary; others pay a flat monthly fee regardless of what you previously earned.
Some Income Protection insurance policies will only pay out if the insured person cannot do any job at all, while others will pay if only the work that has been trained for cannot be done. For instance, a surgeon may be unable to operate, but be able to do less demanding work such as consultations or GP work. All these things should be considered before choosing an Income Protection Insurance policy to suit you.
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