Are you one of those who run away from life insurance products? You may think it a waste to part with a sizeable amount of cash over a pretty long timeframe. However, in reality, income protection insurance offers several benefits to the holder when illness or injury prevents you from continuing work.
Below are the benefits obtained by the holder of an income protection insurance policy.
Concentrate on recovery
If you are covered with income protection insurance, you are prevented from financial stress during the period of your illness. Stress can prove detrimental to your quick recovery. You can instead concentrate more on getting well and up on your feet again.
No change to be made in your living standards
An individual can continue with the same standard of living even though injured or sick. With an income protection insurance policy in hand, there is minimal financial disruption in your life.
Obtain peace of mind
Your family gets loads of reassurance when you are covered with an income protection insurance policy as it helps to dismiss a major portion of the medical expenses that crop up during this situation.
Safety net when there is no workers’ compensation
Income protection insurance acts as a safety net in situations of non-availability of workers’ compensation.
Combat the mountain of bills effectively
Your debts and bills need to be paid on time though you may be prevented from working when injured or sick. The stress of managing these bills will lessen to a large extent when you have an income protection insurance policy in place.
Cover all possibilities
The fear of being afflicted with cancer, stroke, or an accident has not spared any individual. God forbid if you happen to be a part of the many Australians affected by any unpleasant possibilities, income protection insurance acts as the best cover for financial security.
A tax deduction can be claimed on your income protection insurance premiums. That would lessen the burden of your cash outlay.
On a Summarising Note
Income protection insurance helps you pass the most difficult phase of your life without dipping your savings or asking for outside help. You receive a cash inflow every month till the period you are disabled or prevented from working as specified in your policy. Your super fund continues to get cash inflow depending upon the terms stipulated in your policy. It ensures your retirement savings are not affected when you are unable to work.
Live a stress-free life where is no place for fretting about what could go wrong with income protection insurance. Get in touch with a reputed wealth management firm to know the options and do the needful!