What is your most valuable asset? Many Australians might say that it’s their home, a boat, or maybe a car. You carry insurance on these items because if anything happened to them – if they were stolen, or damaged or destroyed by fire or storm, insurance will provide the financial means to replace them quickly and fairly painlessly.
According to Don Trapnell, managing director of Australia’s Synchron Group, more valuable than any of your possessions is the ability to purchase them to begin with. Your income – that is to say, your ability to earn an income — deserves as much protection, if not more, than any of your replaceable assets.
Just stop to consider who would pay your family’s monthly bills, put groceries on the table and provide your children with the many needs that arise every day, from clothes to school supplies, if you were suddenly unable to work due to illness, injury, or death.
Income protection insurance offers a variety of benefits to policy holders who understand the consequences of an unexpected illness or accident that impedes one’s ability to earn an income, whether for a short period of time or permanently. An income protection policy can offer basic or advanced benefits that will provide financial security to you and your family.
With a basic income protection policy, the policy holder is compensated with monthly payments when their claim has been approved; an advanced income protection policy will offer additional benefits, such as certain types of cosmetic/reconstructive surgical procedures, disability rehabilitation benefits, and death benefits.
The premium you pay will depend on which income protection plan you choose, which is why it is so important to compare income protection policies to find one that best suits your needs and your budget. Your premium will be determined by a combination of factors, including the type of policy you choose, the terms of the policy, and how much insurance coverage you want.
By visiting the MultiCover.com.au website, you can compare income protection policies and terms easily and privately weigh the differences between basic and comprehensive plans in order to find the best coverage for your needs and budget.
It is important to review your income protection policy at least once a year to be sure it keeps pace with your changing income and lifestyle. Marriage, retirement, and a host of life events in between can affect our insurance needs considerably.
Remember, in the case of an injury, illness, or death your medical expenses may be covered under different types of insurance covers. Income protection insurance protects you and your family in ways that no other insurance coverage does by providing cash to pay your mortgage, car payments, children’s school tuition, and the day to day expenses that your income provided to keep your household running smoothly.
Accidents and illness can happen at any time in our lives, and no one is immune. When deciding to protect yourself and your family by protecting the income you earn to care for them, consider the consequences of suddenly losing your ability to work and earn maintain your family’s lifestyle. At MultiCover.com.au, we provide you with a wide selection of policies and providers to choose from, making it much easier to own protection at a price you can afford.
Visit the MultiCover.com.au website and enter your details on the free interactive quote form. You might discover that income protection cover is less expensive than you thought, while the peace of mind it provides is priceless.