Why Income Protection Is Most Important?

When times are tough families need to consider their personal insurance before insuring their homes. Statistics has shown that workers are 200 times more likely to be out of work due to illness or accident than to have a house fire. Statistics have also shown that only 20% of workers have income protection.

Income Protection is Affordable

Unlike other forms of personal risk insurance, Income Protection premiums are tax deductible for most taxpayers. The after tax cost of the cover can therefore be significantly less than the cost of the premium.

Income Protection is now available through superannuation, so there are no added costs to the monthly budget.

Taking out Income Protection is not as expensive as people might think. Below is a rough estimate of how much Income Protection will cost for a non smoker:

AGE Income Monthly Benefit Gender Monthly Premium
21 $50,000 $3,125 Male $47.67
Female $69.84
30 $50,000 $3,125 Male $47.67
Female $69.84
40 $50,000 $3,125 Male $68.60
Female $102.29
50 $50,000 $3,125 Male $127.72
Female $193.93

So to make sure that your family is protected please give us a call on 1300 793 143 and let one of our trained advisers help you find the best deal on income protection to suit your requirements.

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Published on May 5-th, 2011 in Income Protection Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

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