|
Income protection insurance Australia pays benefits to policyholders who are unable to work due to being incapacitated by an accident or illness. Being incapacitated is defined under four categories such as own occupation whereby the insured is unable to work due to an accident, an illness and cannot perform their own business and are not employed elsewhere. Any occupation whereby the insured following an accident or sickness and is unable to perform work of any kind. Suited occupation is whereby the insured following illness or accident cannot work in an occupation suitable to their training and education etc. included is the activities of daily living whereby the insured is totally incapacitated and is unable to eat, dress or undress, cook, climb stair, shopping etc due to an accident or illness. Almost all income protection insurance policies have limited benefits whereby only a percentage of the normal earnings are paid out. The limit is usually around 70 to 75% of an insured’s gross earnings. If the insured is receiving state benefits or benefits from other insurance policies, this may also reduce the maximum benefit. ">Income protection helps replace your monthly earnings if you are unable to work due to an injury or sickness and allows you to concentrate on recovering. If you don’t have income protection cover, and you are unable to work, who will take care of your finances a portion of you medical bills may be covered by health insurance, but who will cover your living costs and mortgage. If you are unable to work due to disability, income protection cover will pay up to 75% of your regular monthly income. Depending on your individual circumstances, your premiums might also be tax deductible. There are three different types of income protection insurance that can cater for your budget and needs. For instance the platinum income protection and straight income protection plans provides a comprehensive range of additional options and benefits for people working in most occupations. Special risks income protection insurance provides a range of additional options and benefits for people who work in hazardous occupations and includes those working as armed security guards and other such employment. In the case of total disability, monthly benefits are paid up to the end of the benefit period. Additional claim requirements apply for those between the age of 65 and 70 if loss of income is caused by partial disability, only a portion of the monthly benefit will be paid until the end of the benefit period. Some income protection packages include rehabilitation expenses and bonuses, and also included is disability caused by drug dependency and mental disorders. Income protection insurance Australia pays benefits to policyholders who are unable to work due to being incapacitated by an accident or illness. Being incapacitated is defined under four categories such as own occupation whereby the insured is unable to work due to an accident, an illness and cannot perform their own business and are not employed elsewhere. Any occupation whereby the insured following an accident or sickness and is unable to perform work of any kind. Suited occupation is whereby the insured following illness or accident cannot work in an occupation suitable to their training and education etc. included is the activities of daily living whereby the insured is totally incapacitated and is unable to eat, dress or undress, cook, climb stair, shopping etc due to an accident or illness. Almost all income protection insurance policies have limited benefits whereby only a percentage of the normal earnings are paid out. The limit is usually around 70 to 75% of an insured’s gross earnings. If the insured is receiving state benefits or benefits from other insurance policies, this may also reduce the maximum benefit.
Related Articles -
life insurace australia, life insurance australia, life insurance online, life insurance quotes online, insurance australia, insurance for women, insu,
|
