Income Protection Insurance For Australian Women
In Australia, many women still do not have income protection insurance and are severely underinsured compared to their male counterparts
. Many women hold full-time jobs, and are increasingly being identified as the main breadwinner or are making a vital contribution to the household income. Because of this, women need income coverage just as much as men.
Income protection for women could make the difference between the family's ability to survive financially or not. So if the woman of the household were to fall ill or become seriously injured, what would be the cost to their family's welfare?
What is income protection insurance?
It pays a lump sum of up to 75% of your income in the event that you fall ill or become injured. While you focus on recovery, the monthly benefit payments from your claim can be used to pay for your mortgage, rent, credit card debts and household bills.
This type of cover is a safety net for yourself and your family. The funds can even be used to pay for anything including medical bills, or baby sitting services.
What is even better is that the premiums are mostly tax deductible in Australia. With all these positive key points, it is obvious that the benefits of having this type of coverage far outweigh the costs.
Income protection for part-time workers
If you are working part-time then you can also apply for income coverage. There are certain conditions you must meet, and only a select number of insurers offer cover to part-time workers.
However it is still worth looking into if your income is important to fund your family's needs. This type of coverage for part-time workers can be difficult to find, so be sure to speak to a financial advisor to find out which life insurance companies in Australia offer this cover.
Income protection insurance for single women
If you are a single woman, this type of coverage is vital in sustaining your financial freedom. If you are in a position where you cannot rely on anyone else financially, appropriate cover can provide peace of mind in knowing that if something unfortunate were to occur, you would have the funds to maintain your lifestyle.
Depending on your situation there are different types of policies that may meet your needs. There are also a variety of waiting periods and benefit periods you should take into consideration when deciding on which policy to purchase.
Make sure you conduct thorough research on the policies available in Australia, and that you read the product disclosure statement (PDS) before committing to any policy. Doing these things can help ensure that you are paying for a competitively priced policy; it can also help ensure you are covered for the correct level of cover. If you are unsure as to which policy is best for you, be sure to speak to a financial adviser.
by: Grant Main
Trauma Insurance In Australia Million And Subsidies Comprehensive "recall" Embedded Lesions Without Out Insurance Free of charge Insurance policy Qualified prospects : A smaller amount Expense, More Income Why Small Businesses Need Insurance Protection? Insurance Issues - Contamination - Part I Insurance Issues - Contamination - Part II Insurance Issues - Contamination - Part III Insurance Issues - Contamination - Part IV Insurance Facts - Spontaneous Combustion Insurance Issues - Terrorism - Part I Insurance Issues - Terrorism - Part II Insurance Issues - Terrorism - Part III Insurance Issues - Terrorism - Part IV