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You are probably wondering what income protection is in the first place. To explain it simply, income protection can provide you with a steady flow of compensation, in the event that you cannot work. An illness or accident or any number of health conditions can prevent you from working. If you are the sole bread earner of the household then it is even more crucial that you arrange secure means of providing income, rain or shine. There are various income protection policies in the market with numerous financial options. In fact, wage insurance as it is also referred to, is the most sophisticated plan an individual can purchase.
Illness and accidents are never a planned part of our lives. They just happen when we least expect them to. When they occur, you then are forced to worry further whether you are covered by your policy or not. Avoid the further stress and make sure your policy includes Income Protection Insurance. Financial advisors can go over the terms of your insurance policy to let you know exactly what you have signed.
Income Insurance normally covers all of the individual's monthly expenses while he or she is unable to work. These quotes usually insures up to 75% of the individual's gross income. Income Insurance can also be purchased by self employed individuals. Self employed income insurance policies cover the gross business income as a result of the efforts, less the share of business expenses. This includes financial aspects such as depreciation, donations, car expenses, income splitting etc. These type of policies vary from company to company.
When you request for an income protection quote, ask about what benefits their policy provides. Most insurance policies include advance payments while you cannot work, accident cover from the day you had the accident, accommodation benefits, double income benefits for more critical conditions, advance lump sum benefits for broken bones, rehabilitation benefits, home assistance and transportation benefits.
Accident and sickness insurance is a policy offered by many insurers as well. This policy is similar to income protection as it provides up to 75% of your monthly gross income if you are unable to work.
Accident and sickness insurance is usually offered by general insurance companies as part of a business pack. But what customers fail to realize is if you purchase accident and sickness insurance your insurer can refuse to cover you once your policy is up for renewal if they feel you pose too great a risk. Why bother with temporary risky policies such as accident and sickness insurance when you can depend on income protection insurance without a doubt. It is a more sound and secure insurance policy as compared to accident and sickness insurance. This insurance provides a lot more benefits as compared to accident and sickness insurance. Don't make the mistake of not knowing what your policy covers. Talk to your insurance company to find out what your policy covers and make sure Income Protection Insurance is included.
CCA Financial Planners has been providing financial assistance to businesses for over 16 years. They offer a variety of Income Protection Insurance policies to suit the financial needs of your business and its employees. Please visit http://www.ccafp.com.au for more information and details.
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