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Should you suddenly take ill or meet with an accident that requires you staying off work for a long period of time, you are still going to have to meet your monthly payments such as household expenses, school fees, mortgage payments, credit card payments and other regularly day to day living expenses. In addition you will most probably be required to pay added expenses such as rehabilitation and medical bills. Depending on your employer, your salary could be reduced or cease after your sick leave entitlement should you meet with an accident or unforeseen illness. You can only rely on workers compensation pay outs if you were injured while working or became ill due to hazards at the workplace. Even if this is the case and you do have worker compensation, the amount paid may not be sufficient to meet with your living costs. It becomes even more complicated if you are self employed, as your business relies on you being there, and if not the business income can become significantly reduced, but if you have income protection insurance Australia you will still be able to cover your overheads and meet with your day to day living expenses. In order to recover as quickly as possible and have peace of mind should you met with an illness or accident, is having income protection cover. By knowing that you can replace your income each month, will take the financial burden off you and your family. It is unnecessary for you or your family to have to suffer additional financial stress. Income protection should be regarded as essential and very important against the unexpected. You greatest asset if you think about it, is the ability to keep earning a monthly income. How will you benefit from income protection cover? This type of insurance cover pays a percentage of your salary should you meet with an accident or become ill and cannot resume work for a certain period of time. There are several different options and different levels to choose from such as the percentage of income to be paid out, as most policies offer up to 75% of your regular income. You have the option to stipulate the waiting period before pay out, which means the minimum period you may have to take off work before the insurance pays out. You get to choose the benefit period, which means the amount of time you will be cover for such as from six months up to five years. Most income protection policies will cover you up to the age of 65. Your premiums will be determined by the cover you choose, and in most instances the premiums are tax deductible.
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