Introducing Flexible Income Protection Insurance

There is a wide range of income protection insurance options to suit your needs which will provide a monthly income benefit if you should become ill or meet with an injury or disability and as a result suffer loss of income. Provided under the policy is a premium waiver benefit, a monthly income benefit and a recurrent disability benefit, as well as a range of other optional benefits which you can apply for. Other optional benefits can include final expenses insurance whereby up to $500 000 will be paid out to assist with final expenses should the insured pass on. Another optional benefit is rehabilitation which will pay an additional income benefit should the insured be required to attend a rehabilitation program, and in addition this type of cover will also pay for the return to work costs that include workplace modification and any special equipment required which will assist the insured to return to work. Income protection insurance options also include homemaker insurance that will pay up to $1000 a month for six months should the homemaker become unable to perform household duties due to an injury or illness. If you have children, you can also include children’s insurance when signing up for an income protection insurance plan and in the even of one of the insured children suffering meningitis, blindness, deafness, paralysis, major head trauma, total and permanent loss of two or more limbs or accidental death a lump sum benefit will be paid out. The benefits are fully explained as is the term and conditions which you should read before signing up for income protection insurance. Such insurance protection will cover you seven days a week, twenty four hours a day no matter where you are residing, as long as you remain and Australian resident. In order to become eligible for income protection insurance you need to be employed permanently in a job whereby you work not less than 20 hours a week and have worked for at least a year prior to the income protection policy commencement date. One should have worked at least for 24 months if you are self employed prior to commencement date of the policy. You are required to be between the age of 18 and 59 and must be an Australian citizen to be eligible for income protection insurance. Should you sustain an injury, meet with an accident or become ill and cannot resume work after the acceptance date, this will need to be confirmed by a medical practitioner. An income benefit is paid out monthly, and the first payment is issued after the end of the waiting period. When you apply for income protection insurance you can stipulate a six month, 1, 2, or 5 year benefit period. The income benefit starts at the end of the waiting period and will continue till you are able to resume work or the anniversary of the policy after you have turned 65 or when the policy ends. As we all know accidents happen when we least expect it and so do illnesses which can happen to anyone at anytime. Should the unexpected happen you do not want to be left with the worry as to how you will pay your bills and living expenses if you are not earning an income?