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Income protection and life insurance are always an important financial aspect that needs to be addressed at some point in our lives and making sure that we have the cover in place is of the utmost importance. When we are young we often neglect the responsibility of having such a policy in place because we feel that there is no need, and it is only later on in life that we start to consider it when we have families and much bigger financial responsibilities that we know have to be taken care of. By then it is a little late and the chance of you getting a cheaper premium are substantially reduced. When you are younger, you can afford to take out a policy for a lesser benefit amount because you don’t really need to cover a whole lot of expenses unless you plan to give whatever you have to someone in the event that something does happen. If you already have a reason to take out insurance, then you might be wondering how much it’s going to cost you. In all honesty it is not always possible to give you an accurate figure because it varies according to your risk profile and how well you fit according to the insurers ideal risk profile. You are measured according to specific criteria that the insurer sees as relevant to a particular part of the risk. Another thing affects your premium is the amount of cover that you need. When you take the policy out, the insurer asks how much money you need to cover whatever it is that you need to cover when you are no longer around. That means that you need to get cover for all your financial obligations that you currently have if you want to ensure that your partner and family can continue to live comfortably once you are gone. When it comes to income protection insurance Australia policies, your premium is often determined by the total benefit amount alone. You are essentially always at the same risk level of losing your job under specific circumstances and so the only thing that really affects how much you have to pay, is how much the insurance company has to pay when you are no longer able to work anymore. In addition to that they also have to take into account how long they have to cover you for when you are no longer working. The higher the payout every month, and the longer you stay unemployed or unable to work, the more expensive your income protection is going to be.
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