Income protection and injuries outside of the work place
Income protection is created to protect your income and is paid out should you be unable to work due to an injury or sickness that you have sustained at work or outside of work. This means no matter where you get ill or injured.
Where can you be covered?
The benefits that come with having an income protection policy means that you will be covered no matter where you are in the world. It also provides cover whether you are at home or at work, meaning that people who are self-employed can apply for the policy to protect their income. It is the equivalent to your salary which is paid out for each day you are unable to go to work so that you don’t have to stress about who will be paying the medical bills and your everyday living expenses.
You can choose the benefit period that is suitable for you
One of the key features that come with income protection is that you get to choose benefit periods. This means that you get to choose how long you would like to receive your benefits. However, keep in mind that you will be paying more for longer benefit periods. There are some policies that pay benefits up to the age of 70, ensuring that you are covered right until you retire.
Rehabilitation costs can cost thousands of dollars and could put a strain on your finances. You can use your income protection benefits to cover the cost of an approved rehabilitation program. It can also help you cover modifications that you need for your home or surgery to help ensure that you are on the road to recovery. Reading the exclusion on the Product Disclosure Statement of your policy will let you know the limitations that come with the policy.
Take care of cosmetic or elective surgery complications
There are many features that come with income protection insurance policies that can be suited to various circumstances. For example, there are policies that include a clause which states that it can cover people who have suffered complications from their cosmetic or elective surgery which has resulted in disability. But not all policies have this. Therefore, reading the fine print can help you see if it comes with features that are suitable for you.
Comparing your options can help you save in the process and also find a policy that is not restrictive to your needs.