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5 Best Things Of Income Protection Plan

•    Income protection plans are suitable for both men and women who work. These plans ensure that both self employed and employed individuals are protected when they cannot work due to health reasons. Income protection plans help people secure their family’s future when the policy holder is ill or injured and cannot earn. While most income covers offer compensation to people who have been injured or have fallen ill, some plans also offer compensation to people who are temporarily unemployed or have been retrenched.

•    Income plans make sure that people can live without constantly worrying about financial loss due to health problems since these plans provide monthly compensation payments after a claim has been filed. Additional perks that policy holders can enjoy when they opt for good plans include but are not limited to complimentary surgery benefits and a death benefit.

•    Since these plans are flexible, buyers can choose the total insured amount. Buyers are given the choice to insure up to 75% of their annual income and at times buyers can insure an additional 8% of their income. These plans are tax deductible which is another benefit for buyers. Buyers have the option to choose if they want to wait for 2 weeks or 2 years to get the first compensation amount. The waiting period can be decided by the buyer after he takes into account his current financial and personal status. Buyers are also given various other options such as the option to pay premiums once a year or every month. Buyers can also choose if they want to pay either levelled or stepped premiums.

•    Contrary to the popular belief, these plans are not expensive and they usually cost only a few dollars every month. Good plans cost slightly more than basic plans since good plans offer additional benefits and maximum protection. Buyers who want to save money and get maximum perks should compare multiple quotes and look for online insurance deals.

•    Purchasing income protection plans is very easy since buyers can get good plans by either visiting insurance broker’s websites or the selected insurance company’s website. By comparing quotes and making an informed decision, buyers can ensure that they will get the best deal that offers additional perks for a nominal cost. There are many insurance companies that offer fast track plans that allow buyers to get instant policies. These plans are ideal for people who want to get insurance as fast as possible without wasting time on questionaries, medical tests and lengthy application procedures.  Apply for Income Protection Insurance Australia

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Income protection is a crucial part of any comprehensive financial plan. If you’d like some help customising the correct policy for you, or want to know more about the income protection insurance benefits.