Sydney, Australia, November 6, 2023 – All over Australia, there seems to be a growing trend of taking a fresh look at one’s income protection insurance policy. Nobody knows exactly why, but it could have something to do with how hard it is to get on the property ladder compared to how easy it was for previous generations or general inflation. If you’re a driven individual working around the clock to get the things you want, then, indeed, it is worth protecting. After all, once we step foot into the world of investments, we have far more to lose.
What exactly is income protection insurance?
Income protection insurance is a safety net that ensures you get up to 75% of your salary if a sudden illness or unfortunate accident prevents you from working. Without it, we wouldn’t be able to pay bills, make our mortgage payments, or live to a standard near what we do today. We all like to think that bad things don’t happen to us, but the truth is you never know. However, even if we can’t guarantee the longevity of our physical and mental well-being, income protection insurance can give us the backing we need to get back on track if anything does happen to us.
What income protection insurance can give you?
If you’re still wondering what it can do for you, here is a short list to give you a better understanding of the benefits of income protection insurance.
Peace of mind – The primary value of any insurance is the peace of mind it brings. Knowing you’re covered when life takes an unexpected turn is a brilliant feeling.
The ability to maintain your lifestyle – You will be able to keep living the way that you do, even in uncertain times. With the right policy, you will never need to worry about financial stability again.
It acts as a buffer against your savings – Without income protection insurance, you will likely dig into your hard-earned savings if you cannot work.
Policies can come with incredible flexibility – Most income protection insurance policies offer the chance to tailor it to your needs and lifestyle, meaning that you will always pay for what you want and nothing else on top.
How is income protection insurance priced in Australia?
The premiums you pay for income protection insurance can hinge on several factors, but it is important to note that it is never unaffordable. The sorts of things that may affect the price you pay are:
- Age
- Health
- Lifestyle
- Occupational risks
- Income
- Desired policy features
Let’s round it up.
If you’re an absolute optimist, that’s great, but it doesn’t mean you can’t be a realist. What income protection insurance gives you is invaluable, and it will always be worth paying for when you really need it. Even if you have income protection insurance, it is always worth reviewing and updating it. Australia is an ever-changing country, so that means our insurance policies are, too. We never know when we will face unforeseen financial challenges, but the right insurance will see you through.
Contact Info:
Name: Henry
Company: TAL
Email: info@tal.com
Phone: (02) 9448 9000
Website: https://www.tal.com.au/
Address: Sydney, NSW 2001, Australia
