Income Insurance Is It Worth It

Income protection provides cover in case you cannot perform your usual occupation as a result of sickness or injury.

Income insurance is it worth it. Rates vary widely from as little as 2 a month to more than 5 per 100. It helps give you the peace of mind of knowing that your spouse children and anyone else who relies on your income will be taken care of if you die. If your employer doesn t offer an additional sick pay package you re self employed and don t receive any sick pay at all or if you rely on your health to earn your income then income protection insurance is a good option to consider ensuring that should the unthinkable happen you ll be covered. Key features of income protection insurance to be aware of.

Income protection is often highlighted as the policy that s the most relevant for the majority of people as long as you re working in a paid position. I can t guarantee that every single income protection policy will be worthwhile for every single worker. Of course it is. If you have dependents life insurance may be worth the premiums you ll pay.

Income protection policies usually pay a monthly benefit for a specific period of time called the benefit period usually until age 65 although cover inside super often only pays a two year benefit. Income protection insurance starts from just 10 a month but you do risk your policy going up in the future or covering you for less if you choose the cheaper option. To truly make the most of your income protection insurance it may be worth taking the time to see what benefits and optional extras are available to you. It ensures you continue to receive a regular income until you retire or are able to return to work.

The insurance is typically priced per 100 of monthly income insured. Having income protection insurance may soften the blow of what otherwise might be a rather stressful time in your life. Income protection insurance sometimes known as permanent health insurance is a long term insurance policy designed to help you if you can t work because you re ill or injured. Whatever your occupation or income level it might be a good idea to have some personal protection insurance in place for life s unexpected twists and turns.

My opinion is a little biased naturally but being here at the coalface when it comes to tradies and income protection insurance i think i m qualified to give my opinion. Is life insurance worth it.