Income protection insurance, also known as salary continuance, can help you manage your expenses if you’re unable to work for a certain amount of time if you’re sick or injured. Having insurance for when life throws a curve ball at you is not a bad thing, but ensuring that it is truely worth your hard earnt money is another thing. At the end of the day – can you put a price on your families stability?
When purchasing income protection, consider what other kinds of life insurance you’ll need too, such as life cover and total and permanent disability cover. To view more information, we recommend I-Select’s page https://www.iselect.com.au/life/income-protection-insurance/.
Income protection insurance replaces the income lost through your inability to work due to injury or sickness. It’s particularly suitable for self-employed individuals, small business owners or professionals whose business relies heavily on their ability to get the job done.
Selecting an income protection policy
Each income protection policy has its own definition of disability and range of benefits. Income protection generally offers cover for up to 75 percent of your gross salary for a maximum time period (e.g. two years or to age 60).
Income protection policies may be stepped or level, so ensure to understand what kind of policy you are becoming. If you are interested in gathering multiple quotes, we recommend visiting or calling i select australia. They are a comparison service of sorts, that will link you to the most appropriate cover that suits your needs.