Income protection insurance replaces your lost income in the event that you lose your ability to work due to an illness, injury or workplace accident.
Regular paychecks allow us to pay our household bills and utilities, prepare a budget for savings and investments, and even give us a comfortable lifestyle. That’s the benefit of regularly receiving it. But what if you had an accident and you can’t be paid? What will you do? Where will you get enough funds to sustain your needs and your lifestyle?
No one wants to be in that position.
That’s why you need to be ready and protect yourself during this difficult situation.
And how do you do that?
The smart move is to get the right income protection insurance.
Income protection insurance can replace up to 75% of your lost income in the event that you lost your ability to work due to an illness, injury or workplace accident. Aside from this, there are other benefits that you can get with the right income protection insurance. Depending on your coverage, here are some of the benefits that you can get:
1. Rehabilitation benefits
Depending on your income protection coverage, you can get paid for the rehabilitation costs that you will incur. Rehabilitation cost includes physical therapy in the event that you got injured and are unable to work as well as workplace modifications or renovations in the event that you can return to work with assistance of these changes
2. Childcare benefits
When you don’t have income, the people that will be affected the most is your family. You will have a hard time providing for the needs of your children. That is why, some income protection policies provide childcare benefits. This feature can pay a certain amount for your children, while you are unable to work and provide for them.
3. Total Permanent Disability (TPD) benefits
In the event that an illness or accident made you totally and permanently disabled, some income protection policies provide additional payment on top of your income replacement benefits.
4. Bed confinement and nursing care benefits
In the event that you need to be confined in the hospital under the advice of a medical professional, same with nursing care, your income protection policy can provide you an additional benefit on top of your current income protection coverage. This will help you pay for the medical expenses while you are under treatment and unable to work.
5. Travel and accommodation benefit
If you need to travel to see a medical specialist, your travel expenses and accommodation can be covered by your income protection policy. Your family can also be reimbursed for transport and accommodation expenses that they have incurred while they stay and take care.
Depending on your income insurance coverage, these are some of the benefits that you can get. There are other features that you can be included to maximise your income protection policy. Just make sure to talk to your insurance specialist to help you make a wise decision.
On the other hand, if you want to know more about this, and want to get started with your income protection policy, you can personally talk to me, and I will discuss with you the things that you need to know. I’ll walk you through step by step with the process and will even provide free advice to make sure you get the right income protection plan.
Ask me about Income Protection at 03 9810 3666 or via email.
About Ben Seeger
Ben Seeger is the Financial Advisor of HTA Wealth who assists individuals and businesses in managing their wealth and finances. He is also an expert in creating the best wealth strategy for his clients in order for them to ensure a successful and stable future.
