Compare Income Protection for Consultants

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Income Protection Insurance for Consultants

Being a consultant in any type of business puts you at an enviable position. You are your own boss, you’re not stuck to the 9-5 grind, and people come to you for your expert advice. For example, if you’re a marketing consultant, businesses go to you to help them come up with their business strategies as well as their marketing materials. Or as a financial consultant, people come to you to help them grow and manage their wealth.

However, there are downsides to this career path too. Unlike an individual who works with an employer, you won’t have the usual perks that come with the territory. So if you get sick or injured in an accident, chances are that you will have to handle the expenses on your own. Sure, you could have your health insurance take care of it, but where would you get the money for your daily expenses? You still have to eat, pay your bills, and repay your mortgage. But with the kind of job you have, you likely will not earn anything if you are not working.

That is where income protection insurance comes in. Read on for more details on the subject.

What Income Protection Insurance Does

As the name would suggest, income protection insurance is designed to help provide you with income when you’re unable to work due to an illness or injury. It works by sending you monthly benefits up to 75% of your salary. Using that money, you could then pay your bills and maintain your lifestyle even while you’re recovering.

Determining How Much You’ll Receive

Your salary would be the key factor in letting the insurer decide on the amount of benefits you’ll receive every month. Here, you’ll usually be given two options, either to receive an agreed value or indemnity value insurance policy. For self-employed individuals like you, agreed value insurance is often advisable because it ensures that the value of the benefit you’ll receive will be the same as when you first applied for the insurance. Thus, it won’t be affected by financial fluctuations common among self-employed individuals.

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