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Securing Future With Income Protection

If you earn $20,000 or more annually and if you have dependents then chances are that you have considered opting for income protection insurance plans to help you secure your future. These plans can secure your financial future by ensuring that you receive compensation payments in a timely manner when you file a claim and these plans also offer additional benefits.

The right income protection plan can ensure that you and your dependants do not have to worry about bills, loans, mortgages and other financial commitments building up when you are unable to work since the monthly payments given to you when you are temporarily unemployed can be used to clear debts and pay bills.

Contrary to the popular belief, these plans not only help people working for companies but can actually help even self employed individuals who have set up a small to medium business. In addition, both men and women can benefit equally from these beneficial plans. Good plans offer two main benefits, that are maximum compensation up to 75% of your income and additional compensation benefits up to 8% if you have superannuation benefits. Other perks that are also helpful include a death benefit, rehabilitation expenses benefits and surgery benefits.

Buyers who want to secure their immediate future can opt for short term income protection plans however buyers in their early to late 30s who are interested in protecting their future on a long term basis can opt for plans with an extended tenure. Buyers who opt for plans with extended tenures may want to consider opting for levelled premiums especially if they opt for a plan that will be active till they are 50 years or more.

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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.