The Value of Maintaining Income Protection Insurance

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What do you consider your most valuable asset? Many Australians will say their most valuable asset is their home, boat, or car. These items are insured to cover any damage or loss.

Don Trapnell is the managing director of Synchron Group in Australia. He says that your ability to buy them from the beginning is more valuable than all of your possessions. Your income, or your ability to earn income, deserves as much protection as any other assets. Trapnell said in a video interview that income protection is “probably the most important insurance you have.”

Stop and think about who will pay your family’s monthly bills, buy groceries, and provide for your children’s daily needs, including clothes, school supplies, and medical expenses if you are suddenly disabled from work.

Policy holders who are able to understand the effects of unexpected illnesses or accidents that could affect their ability to earn income can benefit from income protection insurance. Income protection policies can provide basic and advanced benefits to ensure financial security for you and your family.

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Online referral sites allow visitors to access multiple income insurance providers and policies. This makes it easy to compare prices and policies.

With a basic income protection policy, the policy holder is compensated with monthly payments when their claim has been approved; an advanced income protection policy will offer additional benefits, such as certain types of cosmetic/reconstructive surgical procedures, disability rehabilitation benefits, and death benefits.

You will pay a different premium depending on the income protection plan that you choose. This is why it is important to compare income insurance policies so you can find the one that suits you best. A combination of factors will determine your premium, including the type and terms of the policy as well as how much coverage you need.

You can compare income protection terms and policies to determine which one is best for you.
Your income protection policy should be reviewed at least once per year in order to keep up with your changing income. Insurance needs can be greatly affected by life events such as marriage, retirement, and many other life events.

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You should remember that different insurance policies may cover your medical expenses in the event of injury, illness, death. Income protection insurance provides cash to cover your mortgage, car payment, and other expenses to keep your household running smoothly.

No one is immune to illness and accidents. Consider the implications of losing your ability or earning capacity to support your family and protect yourself. MultiCover.com.au offers a variety of providers and policies to help you find the right protection for your needs at an affordable price.

Income protection coverage might be less costly than you think, but the peace of mind that it offers is worth every penny.

MultiCover is not a financial service provider, but a referral service. Information on this website and in other documents is general and does not reflect your financial situation, needs, or objectives. This information does not constitute financial or other advice. Before you purchase any type of insurance product or service, we strongly recommend that professional advice be sought. For more information, please see our Terms & Conditions as well as Privacy Statement.

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