If you have spent years climbing the corporate ladder to get to where you are today, the last thing you want is for your income to be disrupted due to an accident or illness. Income protection insurance offers you the ability to safeguard your hard-earned cash and ensure financial stability during the toughest of times. Let us explore why income protection insurance might be one of the wisest investments of your life if you haven’t got it already.
A Breakdown of Income Protection Insurance
Income protection insurance is designed to act as a financial safety net and protect people in the event of illness or injury that renders them unable to work. The core objective is to provide you with up to 70% of your income during the period of time you can not work.
This can be used to cover anything, from mortgage payments to getting out there and still enjoying your life.
So, here is how it works:
- Once you have signed up for a policy, you will pay your insurance provider monthly or annual premiums. The cost can vary depending on the policy you want.
- If you need to claim, there is a waiting period after the illness or work injury occurs until the payments can commence. However, this waiting period can be chosen by you.
- When the money starts coming in, the insurance provider will pay regular instalments of the agreed amount for the benefit duration that you also get to choose when taking out the policy.
One of the best things about income protection insurance is that everything in your policy can be customised so you receive exactly what you want if you ever need to make a claim. This ranges from waiting and benefit periods to your coverage percentage.
Why Everyone Should Invest in This Additional Layer of Financial Protection?
Nobody wants to see their income pause for a single moment. Income protection insurance offers financial continuity for as long as you want it. You will never need to worry about struggling to meet financial obligations, and you can rest easily knowing that your back is always covered. It is a sure way to give you peace of mind and total financial security so your long-term financial goals are never disrupted. That’s why everyone should make this critical investment.
In the ever-changing landscape of business, maintaining control over your hard-earned cash is essential. If you are ever faced with an injury or illness that prevents you from working, the last thing you want is to start dipping into the pot and picking away at your savings.
Additionally, thanks to the flexibility of income protection insurance, you can tailor it to do precisely what you need it to! This means that you will get exactly what you want when you need it and for as long as you need it. There aren’t many ways to feel so financially secure in Australia. If you’re considering an insurance policy, this is the one everybody should have.