Cheap income protection insurance

Income protection insurance is great for individuals at any stage of life, whether you are male, female, have a family or are single. Income protection insures your greatest asset - your income.

If you have debts such as a mortgage, personal loans, bills, or rely on yourself to provide an income to survive, then cheap income protection insurance may very well be the answer for you.

In Australia, cheap income protection insurance provides up to 75% of your income should you become ill or injured.

Cheap income protection insurance for men
If you are the main breadwinner, or just providing for yourself, cheap income protection insurance is crucial for your well being and loved ones. Just imagine if you had to stop working due to an accident or sickness, how would you cope?

Cheap income protection insurance can help pay your mortgage, rent, and living expenses. It also offers peace of mind knowing that if something tragic was to happen, you and any loved ones would be equipped with income to cope financially.

Cheap income protection insurance for women
Like many Australian families, dual incomes are the only way for a family to not only survive, but strive in life. If your additional income helps your family to survive and pay for those ‘added extras’ like a second car, school fees and excursions, then income protection is also important for the working woman.

If you are a single career woman cheap income protection insurance is also important. Cheap income protection insurance can help you maintain your independence. So if you do happen to fall ill for a long period of time, cheap income protection insurance can help pay for your rent and any medical bills you have – you may not have to rely on family or friends during a stressful time that you should be using to recover.

Cheap income protection insurance for part-time workers
The number of part-time employees has increased in recent times, particularly for women. This may be due to the economic climate, or the increase in the cost of child care and long day care in Australia.

Cheap income protection insurance is also available for part-time employees. If you are aged between 19-50 next birthday, and working between 20 to 29 hours over three days per week, working in an insurable occupation, you’re more than likely eligible for cover.

Cheap income protection for the self-employed
Self-employed people don’t have sick leave or holiday leave to rely on. Other than eligible government benefits for sickness allowance there is no security for a self–employed person if they become sick or injured and are unable to continue working. Their business would stop running, instantly reducing income that would normally pay for bills and living expenses.

Cheap income protection provides up to 75% of your income (less business expenses) upon suffering from an injury or illness which keeps you off work for longer than your waiting period. This payment usually lasts until you have recovered sufficiently to go back to work, or up until the maximum specified benefit period.

Get advice on cheap income protection insurance
If you need advice on where to purchase cheap income protection insurance from, speak to your financial adviser. Your financial adviser may be able to compare many cheap income protection insurance policies from Australia. They may also help you deicide which waiting period suits your needs. The waiting period is the amount of time you have to wait before income protection insurance benefits are paid, usually 30, 60 or 90 days.