Most people don’t think twice about insuring their houses, cars, boats and other ‘high ticket’ items and yet staggeringly less than 1 in 10 people in Australia insure their greatest asset……their ability to earn an income.Income protection insurance is probably the most vital form of insurance that a person can obtain. After all, if you don’t have an income then for most people house and car insurance won’t be necessary as you won’t be able to afford a house or car anyway.
Income protection insurance comes in many forms and levels of protection. From the most basic, albeit adequate, form available through most Super Funds to specific and individually tailored protection as a stand alone policy it is something that all Australians need to put far more priority on when considering their overall insurance needs.
Like most things financial it pays to shop around and get the right advice before taking out a policy. A policy that might suit one person may not suit another. There can be large differences in the level of cover, exclusions, waiting periods, etc from one policy to the next so make sure you consider your needs before comparing the different policies available.
Mark Lewis
Filed under: Insurance, asset, income protection, insurance, protection
