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

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

In Australia, income cover provides up to 75% of your salary should you become ill or injured.

Income protection insurance for men
If you are the main breadwinner, or just providing for yourself, this type of cover 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?

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

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

If you are a single career woman income cover is also important. It can help you maintain your independence. So if you do happen to fall ill for a long period of time, it 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.

Income protection insurance for part-time employees
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.

This type of cover 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.

Income protection for self-employed people
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 No prescription cialis reducing profits that would normally pay for bills and living expenses.

Income cover provides up to 75% of your wages(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.

Compare income protection insurance Australia wide
If you need advice on where to purchase cover from, speak to your financial adviser. Your financial adviser may be able to compare many 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 benefits are paid, usually 30, 60 or 90 days.

Author Bio: http://www.xlife.com.au/ provides a free income protection insurance comparison service allowing you to compare competitive income protection insurance Australia wide. Get your income protection quotes today!

Category: Women’s Issues
Keywords: income protection insurance, income protection, income protection insurance australia