What if you were to stop working today because of a tragic accident or incapacitating illness? Would you still sustain your lifestyle? How about your children’s education? A huge portion of the world’s working population is just sitting lightly above a dim and gloomy poverty. Any catastrophic illness or injury to them would immediately render them incapable of providing for their families and paying their bills.
Moreover, most workers either do not save money or if they save, then the amounts are too insignificant to cushion them from misery in case they stop working suddenly. In fact, many workers simply labor to sustain their lifestyles and rely on their wages to meet their entire monthly budgets. It is a life that is as insecure as that of a person completely dependent on hunting; that is, if you do not kill you do not eat!
So how can workers secure themselves from sudden financial disasters? The answer is income protection insurance. This insurance policy ensures that workers get guaranteed income benefit for using to pay bills and sustaining their lifestyles during disastrous financial crises resulting from inability to work. The opportunity to have an income source to fall back to when you are down is massively exciting and brings a sense of job security into your life.
Besides, the more you are ready to put into income protection insurance the more you will earn when you are incapacitated. Just imagine how hard you work to ensure that your family is always provided with essential needs. What if your situation would suddenly change and you are turned into a beggar instead of a provider? While it may never be possible to provide directly for your loved ones during a cutting sickness, you can guarantee them a good life through income protection insurance.
Probably, you are now complaining about the high cost of income protection, but have you carefully considered the costs of remaining uninsured in the event of a tragedy that keeps you off work? Still, you can explore strategies of reducing the insurance’s premiums and get a cover that you can afford. For instance, you can go for a policy that has a longer period of waiting. A policy with a 90-day waiting period is usually more affordable that that with a 14-day waiting period.
You can also consider whether your employer offers a sick leave and will also continue to pay your wage when you are sick. If such benefits exist, you can take a more affordable policy. Your premium can also reduce considerably if you go for a shorter payment period for the benefit. You can also bring down the cost of income protection insurance by choosing to pay for premiums from your super-account, and not from your bank balance, a choice which allows you to protect cash flow.
In a nutshell, you need to protect your income. Instead of looking for scapegoats for not taking the cover, find reasons to take a substantial cover. In life, it never matters how well you live if you can easily forfeit your standing through an economic shock, illness or loss of a job.To compare some of the Top Insureres in Australia,please visit http://incomeprotectionone.com.au/
Income Protection Advisor 