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The value of income protection insurance is often greatly underestimated by most people and it seems that avoiding the topic altogether is quite a common response when you talk to them about it. When you ask them what they think it covers and how it all works you also tend to get uncertain answers. Making an assumption based on the name is not always the safest bet because there are a lot more things for you to consider other than just protecting your income. You have to realise that you are not just covering the money you earn every month; you are also covering everything that the income provides for each month as well. Unless you are in a position where you have paid your car off and your house off, and you don’t have to worry about school fees for kids and you have enough savings to get you by on food until you get a new job, you will have a fairly tough time trying to pull through that tight financial situation. Having your car payments and mortgage go into arrears with the bank is not a good thing to happen, and correcting it is not always easy. If you have to look at Australia as an example, you will notice that even though there are a lot of people that are doing well in the current economy there are still plenty at risk of losing their jobs. Even in a good economy like, where the possibility of losing your job is a lot lower than countries where the economy is in turmoil, you are still at risk of losing your job due to an inability to work. That means that even though your company is doing fine and they can afford to employ you, a situation might arise where you are unable to deliver and they are forced to find someone else. Serious illnesses, car accidents, or even disabilities can be a justified reason to let you go. Your company is required by law to offer you sick leave for up 30 days over a specified number of years, as stipulated in your employment contract. After that, they can legally deduct money from your salary and mark you down for unpaid leave. A lot of these concepts can be explained to you if you had to search under something like income protection insurance Australia to get an idea of the specifics in terms of benefits, covers and you can also get quotes to see exactly how much it will cost you for that type of insurance.
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