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Getting retrenched is never an easy thing to accept but at least if you have a policy in place for income protection, it will soften the blow for you. Initially, most settlement packages will be around 2-3 months worth of salary paid out in a lump sum amount. That amount will generally only last you for the three months that you would have received your normal salary and after that you would need to ensure that you have a job by then or you could end up short on all your monthly payments. If you take out cover for your income then it will normally kick in when those three months are past, however, you can select to have it start right away or even after the first or second month as well. It is important to know that because it affects how much you are going to pay at the end of each month. If you take a look at what is offered when you search income protection insurance australia, you will notice that you a whole list of different insurers that are willing and able to offer you the cover you need. The question you need to ask yourself is what the benefits are for taking out a policy with a specific one. If it boils down to price for you, then you simply have to call around and get as many quotes as you can to see which one is the cheapest so you can decide on it. The thing is though, the cheapest cover isn’t necessarily the best suited cover for you. They may have dropped some of your benefits that you are entitled to on a full premium and so you miss out on things like additional funeral cover or an extended period of cover for example. They might only reduce your benefits to 3 months in total and if they restrict the amount that they pay out, then you will be hard pressed to get by and you will be forced to find a job a little quicker. Essentially, you will be paying a monthly premium to a policy that forces you to get a job before it even kicks in and that basically defeats the purpose of taking the cover in the first place. Always make sure you check the cover you have been given before you accept a quote based on the value of the monthly premium alone. Otherwise you could end up paying for something that you will never benefit from even if you do have to claim. The author of this article, Jaxon Kelly, is a full-time author on the subject of Insurance firms, he has a particular interest in life insurance planning. On behalf of web site owner pricelineprotects.com.au he spends most of his time writing contents for web publication for income protection insurance australia in return.
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