Do you need income protection insurance?

Having a policy for income protection can be beneficial for almost any working Australian and there are places where you can obtain free quotes such as My Income Protected. This kind of insurance will help the insured to maintain financial stability if they find that they are out of work as the result of illness or injury. While this type of cover can be beneficial to almost anybody, there are some people who will need it more than others.

If you are thinking about getting a policy for IP, one of the points that you may want to consider is what type of effect being out of work would have on your finances. What level of financial obligation do you have every month? Would you be able to meet the cost of your daily needs? Do you have any dependents that rely on you for their living expenses? All of these factors can be significant if you are trying to decide whether you need coverage.

Another point to consider is whether you have any source of back-up income that could help you through the time you are out of work. For individuals that are self-employed, the answer to this question is often no. For this reason, people who are self-employed should get income protection insurance.

If you decide that you need IP insurance, shopping for a policy can be made easy by using online services. Information about policies and free IP insurance quotes are available through websites that specialize in helping consumers to get coverage.

Sydney CBD Life Insurance

Australian Jobs Market and Life Insurance

Shopping for a Life Insurance Market policy will mean looking into the different options that are available from the different insurers. Understanding the available options will help the consumer to make an informed decision. Some policies offer a wider range of protection and some offer premium options that can help to make the policy more affordable. 

One feature that consumers should look into is the possibility of having a policy with a terminal illness clause. A policy that offers terminal illness protection will provide the insured with a portion of their benefits in the event that they are diagnosed as terminally ill. This can help to cover medical expenses and allow the insured to spend their remaining time with their loved ones. One such company that offers this type of comparison service is My Life Insured.

Another common feature of many life insurance policies is a funeral advance feature. With this option, the beneficiary is guaranteed an advance on part of the benefits to help them cover the expenses of the insured’s funeral. Since planning a funeral can be expensive, this advance can help to provide much needed relief to the family of the deceased.

Premium options are also common among Australian life insurance providers. Consumers can often choose from stepped or set premiums and they may also have options in regard to the payment schedule. Consumers should take time and compare all of these options when they are shopping for life insurance.