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Benefits Of Income Protection

Income protection plans are considered to be specialized plans since these plans protect people when regular insurance plans don’t help them. Income protection offer protection to Australian citizens when they cannot work due to illness, partial injury, permanent injury or being retrenched. There are many benefits of income protection policies and 3 important benefits have been mentioned below.

•   The first and most important benefit of these plans is that policy holders receive financial help every month from the selected insurance company after filing a successful claim. The money received by the policy holder can not only be used to pay bills but also to pay mortgages and loans. The amount of money received by the policy holder depends on a few factors such as the insured amount and if he has selected an indemnity or agreed value contract. While indemnity contracts are cheaper to purchase, buyers who opt for these contracts will receive a variable amount after they file a claim. The amount received will depend on the policy holder’s financial status at the time of filing the claim. This is not the case with agreed value contracts since the amount received by buyers who opt for agreed value contracts is not determined by the buyer’s financial status while filing a claim which implies that buyers receive a fixed amount every month.

•    While income protection policies offer financial support, these plans also offer emotional support and ensure that people do not have to worry about money when they cannot work. These policies ensure that people can live a worry free life after buying a policy. These policies not only protect the policy holder and his or her partner but also dependants in the family.
•    Depending on the plan selected, the policy may offer one or more additional features. These features include a day one claim benefit and a death benefit. Some insurance companies also offer 1 or two types of surgery benefits. Buyers can also get cash backs, discounts, rebates and online deals if they select a good insurance company.

Good income protection insurance plans that offer additional benefits are customizable and highly flexible. Buyers who opt for good plans usually have the option to opt for additional benefits for either a nominal fee or for no extra fee. Good plans that offer additional protection usually offer free benefits and good plans also allow buyers to insure an additional 8% of their income provided their income package offers certain benefits such as retirement benefits. Good plans ensure that buyers can enjoy the provided benefits in just a few days and that buyers can live a worry free life as soon as possible. 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.