Income Protection Insurance For Australians

By Author: Jaxon Kelly
Total Articles: 20
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Income protection in Australia since 2003 has offered a flexible approach to clients. Major Australian companies are leading providers of tailored insurance solutions. If you are unable to work due to an illness or accident, would you be able to survive without an income. Income protection cover will provide you with 75% of your monthly income which will allow you the freedom to concentrate on your recovery without having to worry about your day to day living expenses, mortgage and other bills. Majority of income protection cover is tailored and flexible to suit your personal requirements. For example you have the option to choose a waiting period of fourteen days to two years. The waiting period is the time between you becoming ill to receiving your first benefit payment. Should you opt for a short time period, you will end up paying higher premiums.

You will only receive your income protection payments at the benefit period of either 2 or 5 years or up to the age of seventy, the maximum payment is generally 75% of your gross income and income protection insurance Australia ...
... can be either an agreed indemnity or value contract. The monthly payment verified on an agreed value contract means that, that is the amount you will receive when you lodge a claim. An indemnity contract on the other hand means when making a claim the monthly payment will first be assessed. The amount of income protection cover you will require will depend on several different factors and the maximum cover you can apply for is 75% of your monthly income. Income protection is tax deductible; however, the benefit payments are taxable. A range of factors are based on the cost of income protection cover which include gender, age, and the amount of cover you need. For example if you are a 35 year old female office worker earning $60 000 per annum you would pay a around $3.11 a day, and you could purchase income protection cover that pay $3 750 a month. You can speak to a financial advisor online or over the phone which will help you determine sufficient level of cover to suit your requirements. The insurance company will assess your medical history and current situation, and the income protection plan you receive will be far more cost effective and relevant to your situation.

To discuss your insurance needs or find out more about income protection cover, you can go online and fill in an online application form. Serious illness or an accident can occur at any time, if you are not financially prepared; you may find that without income protection it will cost you far more than you health.