While many of us tend to complain about going to work, chances are we’d be lost without our jobs.
Work offers people financial security and a sense of belonging – a chance to be part of a team and to contribute to society at large.
If you develop an illness or get injured and are left unable to work, this can take a huge toll on your confidence – and your wallet. That’s why; it’s a good idea to purchase income protection insurance so that you are not left financially unstable if you become sick or injured unexpectedly.
You may be thinking “but I already have life insurance, so why would I need income protection as well?”
In reality, these two insurance policies are very different. Life insurance will help your family financially cope if you are diagnosed with a terminal illness or pass away.
Income protection insurance, on the other hand, can provide you a percentage of your income if you are left unable to work for a certain period of time.
You may be more likely to need income protection than life insurance, yet many Australians do not have this type of cover in place.
It may be worth exploring the different types of plans available so you can find one that suits your needs – especially if you are the sole or major financial provider for your family.
If you become sick or injured, the last thing you want to do is worry about how to pay the mortgage or meet other obligatory payments.
It is important that this is sorted, so that you can concentrate on recovery and going back to work in the future.
Real Insurance Income Protection Cover offers value for money with plans starting from less than 80 cents a day.
If you have to claim Real Income Protection Cover, then you can be paid up to 75 per cent of your income, to a maximum of $10,000 a month.
This can give you peace of mind that you and your family can stay financially secure even if you cannot go to work to bring home a pay check for some time.
In turn, this peace of mind may also help you recover faster, as you will not be stressed about meeting payments and instead focusing all of your energy into getting better and resting.