Almost Three-Quarters Of Australians Don’t Have Income Protection Insurance – So Here Is Why It’s So Important To Have Income Protection.

  

Every Australian is privy to a certain type of lifestyle as a result of a number of regulations and resources that are made available to us by the government; this includes welfare, Medicare, public schooling and housing.

Unlike many other western countries, Australians are automatically awarded certain rights when they have full-time employment. The Fair Work Act 2009, outlines what all employers must provide to their employees, including minimum and maximum hours, proper working conditions, safety in the workplace etc. All of these allow any worker the rights they deserve, and the opportunity to work in a safe environment.

This also includes the regulations on leave those employees are entitled to, such as sick days, annual leave and personal leave requirements. As a result, this means that full-time and contracted part-time employees throughout Australia are entitled to sick leave in the case that they fall ill or are injured and are unable to work as a result. A key issue here is your sick leave is not infinite, and if you need more time off to recover, you will be left without pay, and this could hurt your family financially.

 

Figuring out your finances can be hard enough without losing your income due to an injury or illness.

 

In the case that you are injured at work, then you will likely be covered by the mandatory worker’s compensation insurance policies that Australian businesses must have, so likely your financial costs will be covered as a result.

However, you must always be aware of the chance that you are more likely to injure yourself or fall ill outside of your workplace, so the financial burden will fall onto you. This can be an undesirable situation if you aren’t financially stable or cannot afford to lose your source of income.

Unfortunately, this is likely to be the case for the 73% of Australians that don’t have income protection insurance policies and don’t plan on getting one.

Many Australians are hesitant to purchase an income protection policy for a multitude of reasons. However two of the most common are assuming that you already have income protection covered through your superannuation, or not actually understanding the benefits of an income protection policy.

It is most common for a Super Fund to offer income protection as an optional or opt-in product. So, if you haven’t elected to have it, you won’t be covered. If you do have it, often the policies you hold under your superannuation aren’t customised to your circumstances which means that when it comes time to claim, individuals may not have the right policy for them. This is why you should consider a tailored income protection insurance policy from a general insurer.

 

 

Secondly, it is super important that if you do not understand the benefits of an income protection insurance policy, that you seek out the right information to understand why they are indeed so important.

General insurer, Aspect Underwriting, offers tailored income protection insurance policies. However, they can also discuss your options, so that you can make informed decisions and understand why it is so important to be covered.

Anyone who would struggle to get by without their pay should seriously consider getting an income protection insurance policy. So get in touch with Aspect Underwriting today or get a free online quote to find out how you can get an income protection policy.

Don’t be one of the three-quarters of Australians who don’t have an income protection policy, and instead get in touch with Aspect Underwriting today.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.

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