Do You Need Income Protection Insurance?

Experts Advice to get best Income Protection Quotes

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When working life begins, professional indemnity insurance is a staple of many professions, from builders and tradespeople to doctors and lawyers. Similarly, anyone who employs a worker is familiar with the value and benefits that attach to employee liability insurance cover.

At You Finance, we believe that income protection insurance is a key element of good investment advice and financial planning, so we think that explaining some of the details to do with this type of insurance can help illustrate why this is the case.

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What Is It? Starting with the basics, income protection acts as a safety net that delivers a policy holder a portion of their salary if they become sick or unable to work. In exchange, the policy holder pays insurance premiums. Income protection is also known under the names ‘salary continuance’ or ‘wage protection’ insurance. There are different levels of cover, starting from short term cover that replaces 4-6 weeks of lost time at work, right up to total and permanent disability cover. The amount paid for the regular insurance premiums rises as the cover becomes more comprehensive.

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Who Needs It? Income protection is suited to anyone who relies on their salary as their primary source of income – which is most working Australians. Certain segments of the workforce though should consider income protection as critical.

These include self-employed professionals, whether they are blue collar or white-collar workers, as well as small business owners. In any of those cases, the inability to work means a total loss of income, which can cause huge financial hardship for an individual and their family.

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Things To Consider

Income protection can be an invaluable support when you are unable to work due to unforeseen circumstances. Having the best financial advice and investment planning is essential to making the right decision about income protection for you and your family, and at You Finance, that’s exactly what we can provide for you.

http://www.youfinances.com.au