If you haven’t got income protection insurance, you would have certainly heard about it. It is one of the most popular insurance policies across Australia, and there are many reasons why. The idea behind it is it can support you by subsidising a percentage of your income if you are unable to work due to an accident or illness. This reason alone should make you purchase it right now, but what are its other key benefits? We have decided to share five of the most crucial reasons why everyone needs income protection insurance.
1: It covers up to 75% of your income
Unlike many forms of insurance, income protection insurance is hassle-free and will give you up to 70% of your salary if you are unable to work. Income protection insurance in Australia is something we must have as there isn’t much that will help us get back onto our feet like this.
2: The insurance premiums don’t go up if you claim
Anyone who has ever had any kind of insurance will be familiar with this. Usually, when you make a claim, you need to consider whether or not it is worth it. Many people reading this have probably avoided claiming on their insurance because the rise in their premiums would mean that it simply isn’t worth it. Well, we have some fantastic news concerning income protection insurance. When you claim, your premiums stay the same. Not only that but if you don’t claim, they often go down. So it really is a winner!
3: It can cover recurring illness or injuries
As long as it is a condition that wasn’t there before you purchased your income protection insurance plan, you should be able to claim. If you have suffered an injury that is likely to return from time to time, there is no need to worry; income protection insurance has your back.
4: It is one of the most straightforward insurance policies to understand
If you have ever read the terms and conditions of an insurance policy, you probably ended up cross-eyed with one hell of a headache. Well, as long as you have a good income protection insurance plan, they are usually super simple to follow.
5: Nothing can give you peace of mind like it
Being in a position where you don’t have to worry about your income is one of the best gifts you can give yourself and your family. For some, it is a dream, but income protection insurance makes it a reality. When you sign for your policy, you will feel ultimate ease and relaxation, not needing to worry about money again.
As you can see, income protection insurance has some tremendous benefits, so it is no wonder why it is one of Australia’s most popular policies. If you haven’t got it yet, we highly recommend you start looking into it. Buying income protection insurance can be a life-changing decision.