An Income Protection Insurance police provides you peace of mind that you can take care of expenses, as well as your family, in instances you are unable to work. These policies typically are written to offer 75 percent of your salary for the period that you are unable to work. This number will vary, however this is the average percent that you will find.
There are several options to consider when you are shopping for Income Protection Insurance. While the options will vary with different providers these are some of the most common options that you will have:
- You can choose between an agreed value policy and an indemnity policy.
- The benefit period or period of time that you can receive the funds.
- The waiting period to receive the money from the policy.
The simple fact is that if you are a tradesman by profession in Australia, investing in an Income Protection Insurance policy is the responsible thing to do. The sheer nature and potential dangerous situations that your career presents on a daily basis, means that at any time you may fall victim to a serious accident or injury that puts you out of commission. However, if you have this insurance policy, you can feel confident that you will not also suffer from serious financial issues during your down time.
While the Income Protection Insurance is likely much more expensive than typical life insurance, the money you put in to the Protection policy is tax deductible. However, if you do ever have to use the policy, the benefit funds are subject to being taxed. The premiums that you pay will vary based on age, gender, occupation and the features and options that you decide on.
Taking out an Income Protection Insurance police is important for any tradesman and provides you with the confidence, no matter what happens, you will be able to take care of financial responsibilities. These policies are also provided by many different carriers, which means that it is important to compare premium rates to ensure you receive the highest protection rate for the lowest monthly cost.
If you are ready to learn more about what type of insurance that you should purchase to protect yourself for the long term, contact Robert Yancovitch. Taking the time to speak with a pro will help to ensure that the best possible results are achieved and that you have the long-term protection necessary for a happy, healthy and successful life, both now and in the future.
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