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How Much Does Income Protection Insurance Cost

There are many types of income insurance plans offered to residents of Australia who want to get financial help when they cannot work due to reasons that include illness and disability. Basic policies can cost as less as $6 a week however, these policies have a few limitations such as they only offer limited compensation payments and limited benefits. Good policies cost $10 onwards and these policies have no to very few limitations. Good policies offer various additional benefits such as maximum compensation up to 75% of the policy holder’s annual income along with certain other perks.

The real cost of income protection insurance depends on the policy you opt for. Good policies eventually pay for themselves when the policy holder files a claim and gets to enjoy the many benefits offered. Policy holders who file claims after purchasing a comprehensive policy are most likely to get maximum compensation along with other perks such as disability rehabilitation benefit and up to 8% additional compensation if they have superannuation perks as part of their salary package. A death benefit, disability rehabilitation benefit and surgery benefit may be given to policy holders who opt for comprehensive plans.

Buyers who want to know the real cost of income protection plans and buyers who plan to purchase an income protection plan should consider weighing the pros and cons of opting for both these types of plans. Basic plans are definitely cheaper in the short term; however comprehensive plans work out the cheapest in the long run.

 


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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.