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Eligibility Criteria for Income Protection Insurance

Income protection insurance is offered to either Australian citizens or permanent residents who want to protect their financial future from certain uncertainties. These insurance plans are generally not available to people who are in Australia temporarily travelling, studying or on temporary work visas.

Income protection plans are available to buyers who are 50 years or younger. Young adults who can work legally can also purchase income insurance policies. Self employed men and women can opt for income insurance plans. Employees working for an organization can also opt for one of these plans. Some insurers may require the person applying for the policy to log in a certain number of hours every week at work to be eligible to purchase a policy.

The plans offered to self employed individuals are meant for sole traders, partners and also small business owners. The plans offered to white collared individuals are meant for people who have office jobs or low risk jobs. Specialized plans may be offered to buyers who work in construction or similar jobs.

Many of the insurers in Australia allow buyers with pre existing conditions to purchase income protection policies. Insurers who do not allow buyers with pre existing conditions to buy policies, state this clearly. Buyers who either have a habit of applying for leave on a frequent basis for illnesses or buyers who tend to leave jobs frequently may also be eligible to purchase an income protection plan, however such buyers may face problems such as rejected claims later on.

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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.