Compare Income Protection for Accountants

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Income Protection Insurance for Accountants

Whether you are working as an accountant for a business or on your own as a self-employed individual, it's important that you protect your main source of income. You might not want to think about it, but there's no telling what could happen in the future. You could get sick for a long time that might put your finances at risk. That in itself should already be a cause of worry, especially if you have a family depending on you.

Let's say for example you're currently employed by a business. If you get sick or injured, you will be able to claim sick pay that would help cover your needs while you are recovering. However, the period of coverage is often limited, so you need to ask yourself where you will get the money should your recovery go beyond that period.

Meanwhile, it's even more difficult if you're self-employed. Since you don't have sick pay to claim, you would likely lose your income from the day you stop working as you recover.

In both cases, you would eventually find yourself needing the money to pay for your bills and other monthly expenses. You don't need to worry though if you have income protection insurance. This is a type of insurance that provides up to 75% of your monthly salary to help cover your expenses while you recover.

Deciding on the Value of Your Benefits

When it comes to income protection insurance, your insurer will often let you choose between an agreed value or an indemnity value income protection policy. As the name suggests, an agreed value insurance policy provides you with a benefit based on the value you came to an agreement with your insurer. Indemnity meanwhile, bases the value of your benefit based on your average pre-tax earnings before you got sick or injured. We recommend the agreed value option if your income tends to fluctuate such as when you are self-employed, and the indemnity option if your income has been on a steady rise.

Contact us on 1300 793 143 and we will organize you quotes from up to 9 Insurance companies in under 10 minutes. Our consultants will talk you through the process. Contact us today for more details!

AMP
AMP
CommInsure
CommInsure
MLC
MLC
Zurich
Zurich
AIA
AIA
Asteron
Asteron
ClearView
ClearView
OnePath
OnePath
TAL
TAL