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There is no telling in life when illness or an accident can occur, if you do not have savings or are not financially prepared for such events, this event may cost you more than your health. From around $2 a day income protection cover can include income benefits that will cover 75% of your pre claim monthly earnings of to a maximum of $10 000. Income protection cover premiums are in most instances taxable. You have the option to choose flexible benefit periods from six, twelve or twenty four months, as this is the maximum time whereby you would be paid the benefit resulting from an accident or illness. Income protection cover is quick and easy to apply for, there are no medical and blood tests required and you can apply online from the comfort of your home. You can choose how you would like to pay your premiums which includes options such as monthly, fortnightly or annual payment options, as well as choose either a thirty or ninety day waiting period when purchasing income protection insurance Australia. If you have a standard risk occupation, you have the option to a include TPD benefit that will pay out a lump sum if you are assessed after and illness or accident as being totally or permanently disabled. Many life insurance companies in Australia also offer incentives such as Qantas frequent flyer points, whereby every $1 earns one point of premium paid on eligible income protection cover. You can also receive complimentary membership if you are an eligible policy holder which will afford you a saving of $82.50 if you are not already a member of Qantas frequent flyer. You need to be aware that any claims submitted from a direct or indirect pre existing medical condition that occurred two years prior to policy date acceptance, will not be covered. There is a host of valuable information on income protection cover online, where you can read up on the exclusions as well as the disclosure statements from the various Australian life insurance companies. You can be rest assured should you meet with any illness or accident, that an income protector plan will protected 75% benefits of your income should you not be able to work due to unforeseen circumstances. You can sit back and relax once you have an income protection plan in place should you face a situation whereby you are unable to work and earn an income, and have peace of mind knowing that you can meet with your monthly expenditures. You can choose how you will utilize your benefits which can help pay your basics such as school fees and other.
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