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Income Protection Insurance a must have for all investors
Tips and traps of Income Protection Insurance
Income Protection Insurance are you under-insured?
Income Protection Insurance Tips For Women
Income protection insurance for the self-employed
Income protection insurance for part-time workers
Agreed value or indemnity value income protection insurance?
Why income protection insurance for women costs more
Income Protection Insurance
Income protection insurance is a form of personal insurance which pays up to 75% of your average annual income, in monthly benefits, to cover your living expenses if you are unable to work due to sickness or injury.
Points to remember when choosing income protection insurance
Income insurance has waiting and benefit periods. The waiting period refers to the number of days before the commencement of income benefits: 14, 30 days or years after the claim occurrence. For instance, if you have sufficient savings to last one or two years, you may choose to have cover that only starts after the first two years.
The benefit period is the period of time that you will receive benefits whilst ill or disabled. You may select from different benefit periods paid, for example two years up to age 65, when you can access your super or age pensions. Naturally, the premium costs of income protection insurance vary depending on which of these options you choose.
Reasons why you need income protection insurance
- Debts such as a mortgage, credit card or personal loans that you couldn’t service if you were unable to work due to sickness or injury
- Your sick leave would run out, usually after two weeks or less
- You might need a regular income stream to pay for ongoing family expenses such as food, house bills, school fees, running a car
- You might be self-employed and run your own business and have ongoing business costs, regardless of whether you are there to work or not
- Income protection can give you peace of mind, alleviating stress during a possibly stressful time where you should focus on recovery rather than finances
Income protection insurance quotes
Income protection quotes vary between the life insurance companies, so it pays to look around. If in doubt make sure you speak to an xLife financial adviser.
Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year’s income protection premium
December 2009
