Income Protection on the Sydney, NSW Australia

Although most people don’t realise it; their capacity to earn income is often their supreme financial asset. Generally most people insure their homes, cars and other valuables but omit to insure the important asset; their capacity to earn.

The minority have enough income-earning assets to cover their expenses if they where to fall sick and could not work, generally most people don’t. Most individuals would not want their financial situation to become so dire as to become eligible for social security benefits and even if they become eligible would it be enough to meet their needs?

Income protection insurance pays you money if you’re unable to work because of sickness or injury. It provides security and peace of mind. As with all financial products its important to speak with a professional to establish weather such a product is right for you.

 Self employed people in particular may be as serious financial risk if they where unable to work due to sickness or injury. This is acutely important for you’re a sole trader and you are the key person in your business.

 Two main types of income insurance policies exist –

1. Agreed value policy. With this style of policy you prove your level of income and you’re insured to receive a set amount. Although these policies cost more you are guaranteed to an agreed value.
2. Basic policy. This covers income only and your level of income has to be proven after the fact.

It’s important you realise the premium you pay will be influenced by factors such as your age, gender, industry you work in and your general health.

Income protection insurance offers a vast amount of options and it’s important that individuals seeking information speak to a licensed professional.

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