The Importance of Income Protection

 

In today’s tumultuous economy and unemployment rates it really makes you grateful for having a safe and secure job. Unfortunately, there are no guarantees as to how long that job will last, and how long you will be able to perform the necessary tasks. I work a simple office job, no heavy lifting or physical exertion. Yet, last year I found myself physically unable to work due to a severe illness. Fortunately my employer provided disability benefits so that I was able to receive my income while I recovered from my illness.
Income protection is an issue that can often be overlooked; people can get stuck within the mind-set that these things won’t happen to them. Whilst researching income protection policies I came across a recent advert that is part of a campaign by Australian insurance comparison site Choosi, this summed up for me the way that insurance can be overlooked.

Another issue is that sadly there are many people that work for employers who don’t offer the kind of benefits that I could receive, and that’s when having income protection insurance is especially important. This type of insurance will ensure that people who are left unable to work can still receive a portion of their income for a defined period of time. Say you pay for 6 months of coverage and then find yourself hospitalized for a similar period of time; you may be eligible to receive up to 75% of your regular pay.

While there are some basic age restrictions, and you need to have been employed for a certain period of time prior, this type of insurance provides an immense peace of mind for you and your family. I find this type of insurance necessary if you are the only member of your household that works, and if you have dependants that rely on your steady income. If you have a wife and children then income protection insurance from a site like Choosi will make ease your worries if you’re ever left unable to work and provide for them. The best part is that even the self-employed workers, or part-time workers are covered as well. I know plenty of bloggers who make their living from their online endeavours, and this type of insurance would be perfect for them.

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