Wednesday, May 15th, 2013
1.      Income protection plans are a type of life insurance plans that ensure the financial safety of the policy holder and his family. These beneficial plans are affordable and can be customized to suit the policy holder’s immediate and future insurance needs. Depending on the plan you choose, you may have to pay as less as $3 - $5 a week for income insurance. Income covers can ensure that the policy holder along with his immediate family and dependents do not have to worry about money problems that can occur when the policy holder is either ill or injured.

2.      These plans will provide the policy holder with either a fixed or variable source of income for a fixed period of time when the policy holder files a claim with the insurer. The compensation payout will be paid on time every month when the policy holder’s claim is accepted by the insurer.

3.      Income covers usually pay a maximum compensation payout of 70% of the policy holder’s annual gross income. The premiums for these plans are usually tax deductible. The compensation payouts are provided in a timely manner once a month. Most insurers that offer comprehensive plans offer a range of additional benefits along with each income cover. This means that if you are injured and need physical rehabilitation, then you will be covered for this by your insurer if the insurer offers this benefit. This also means that you can choose from a wide range of premium options and you can tailor your insurance plan exactly as per your needs. Some of the add on features of income covers include a death benefit, a rehabilitation expenses benefit, a accommodation benefit, an indexation benefit and a guaranteed renewability benefit. Some of the benefits offered with income plans are charged at a nominal fee and one of such premium benefits is the day one accident claim benefit.

4.      Income covers can provide peace of mind and financial security to policy holders and their families since these beneficial plans offer a payout when the basic eligibility criteria are met.

5.      Income covers pay the compensation payout in two scenarios. The first scenario is when the policy holder is unable to work due to injuries occurred at his workplace or elsewhere. The second scenario is when the policy holder is unable to work due to an illness. These plans offer the compensation payment for a limited time known as the benefit period. The benefit period is between 2-5 years and many insurers allow buyers to choose the length of this period.

6.      Income plans can be purchased through superannuation funds or from insurance websites. If you choose to opt for an income plan through your superannuation fund then you have to contact your employer to get access to a good plan. If you want to opt for an income plan through either an insurer or insurance agent then you can get income protection quote online ( ) or life insurance quote ( )while enjoying a range of discounts and other benefits.

Contact Profile


Lifedeal - Australian life insurance and income protection quotes online.
Dmitriy Ivanov
P: 1300 60 70 90


Income protection



More Formats

View QR Code