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Income Protection Insurance for Company Directors

As a company director, you play an important role in the company you are a part of. With your experience, insight and advice, you help the company develop and grow not only financially, but also in terms of its general performance and its eventual success. It doesn't matter whether you are an inside director or an outside director--the part that you play is significant, which is also why you are in that position in the first place.

But what would you do when you're suddenly unable to fulfill your duties because of an illness or an injury? It's likely that your medical expenses will be covered by your health insurance, but what about your salary? The great thing is that there's something called income protection insurance.

What Income Protection Insurance Is

The basic principle of this type of insurance policy is that it provides you with a monthly salary when you are unable to work due to an illness or injury. Depending on your policy, you may receive up to 75% of your salary on a monthly basis. How long you will receive monthly payouts depends on the length of your benefit period, which is outlined in your policy. It could last a few months up to a several years. If you want to have a longer benefit period, expect to pay more in your premiums. The same thing goes with the waiting period. This is the period after which you will start receiving benefits, usually, 14, 30, 60, and 90 days. The shorter the waiting period, the higher the premiums will be.

Why You Need It

When you look at it, income protection insurance seems like just another useless expense you have to make. On the contrary, it is probably one of the most important types of insurance you'll ever need, because:

  1. It helps protect your savings. Because you will receive monthly salaries, you won't be forced to dip into your savings for your expenses while you're not working.
  2. It protects your family's future. Meanwhile, since your savings remain intact, you will be able to use it for the purpose your originally intended, be it for your children's education, or to renovate your home.

Get Income Protection Insurance Today!

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