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Your family always comes first when it comes to ensuring their safety and security and even though we can’t always control some of the life’s unfortunate events, we can still provision for them in case they catch us by surprise. It is possible to reduce the impact of retrenchment or even a death in the family, even though the loss of such could never really be compensated. When you decide to take out a policy that covers you for these events, you effectively provision for them in case they do. Retrenchment is never a good thing to go through and if your household is dependent on the money you earn, then it could pose a serious problem for you and the family when you can no longer bring that money in. You can shield your income from any risk associated with being retrenched and even when you spend 6 months out of work you can still have an income. Searching income protection insurance Australia will give you the list of places you need to get quotes on income protection, and you can get started on relieving some of that pressure. In most instances though, you will need to select a benefit amount as well as a benefit period. The insurers will factor in a variety of criteria applicable to your risk profile and then use that information to determine your exact monthly premium. Each insurer is different and will view risk in different light, for that reason, your premium will most likely vary from one insurer to the next. If affordability is a big problem then you can still apply for the cover, but you may be able to make a few changes to it in order to drop the premium a little. You won’t be able to get more than 75% of your total salary back, but at least you can drop the percentage amount to reduce your monthly premium. You can take on the risk of a reduced benefit for a cheaper premium, but you still have to make sure you can get by on what you will be earning from the policy. You also have the option to change the benefit period, where you can put in a waiting period of up to 6 months before the money gets paid out. The insurer will see that as a reduced risk and will be more willing to offer you a cheaper premium. Ideally you want to make sure you are protected as affordably as possible while still getting the best possible cover.
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