What is Income Protection Insurance?
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Income protection insurance is an insurance policy that agrees to pay you a set amount of your income if you are unable to work due to illness or injury.
There are a few different types of income protection insurance. Individual income protection insurance is insurance that you take out privately. Group income protection insurance is insurance that is normally taken out by employers to cover a group of employees or professionals.
But isn’t this the type of insurance I get with my super?
While a majority of superannuation products do offer income protection
insurance, there are many factors that can influence the amount of
insurance offered, like the number of employees and the units of cover.
Also, when income protection insurance is offered as part of your
superannuation, it generally doesn’t come with any financial advice, so
how do you know if it’s the right type of cover for you?
Income protection insurance isn’t a one-size-fits all product. There
are a number of variables that should be worked out with a financial
planner, like the benefit period and the qualifying period. Also your
age, certain health conditions like smoking and your occupation are key
factors in determining the details and cost of your income protection
insurance policy.
Your income protection insurance policy can be as basic or as
comprehensive as you need. The best way to determine this is to discuss
your individual needs with a financial planner.
The team at Highland Financial are committed to ensuring that you
have the right type of income protection insurance for your particular
situation. We will carefully assess your individual and business risks
and then provide the most effective and comprehensive solution.
All consultations are obligation free, so you’ve got nothing to lose!
To find out more about income protection insurance, call or email us
today:
P: 07 3010 9290
E:
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