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Income Protection Insurance for Directors

As a director of a company, you are given the unique opportunity to shape that company’s future. And if you are driven and are born to lead, the possibilities that lay before you are almost infinite. Of course there are challenges too, since you are responsible for the development of the company as a whole.

Due to the demands of this type of position, chances are that you are forgetting to think about your overall welfare, rather preferring to put the welfare of the business first. While your health insurance can help take care of you in case you get sick, you’ll need something more comprehensive for more serious cases. That is why most insurance companies today offer what is called income protection insurance.

What Income Protection Does

Income protection insurance was created with people like you in mind: people who could use a steady flow of income even during in times when they’re unable to work. But why does this matter to you? It does matter because if you get seriously ill or injured, your health insurance and the benefits you receive from the company could only help you so much. If your recovery requires you to stop working, where would you now get the income to pay for your bills, take care of your family’s needs, and to repay your mortgage? But with income protection insurance, you can rest assured that you will receive monthly benefits of up to 75% of your monthly income. You would certainly find this type of insurance helpful in your time of need.

How Much You Will Receive

As we mentioned earlier, income protection insurance can provide up to 75% of your monthly income. But how does the insurer compute that? To do that, they will first give you two options, either to get an agreed value or an indemnity value insurance policy. In an agreed value policy, the computation of the benefit will depend on how much you’re earning when you applied for the insurance. This is advantageous if your income is subject to fluctuations, as is often the case with self-employed individuals. However, if you receive a regular salary with a possibility of regular increases, you would benefit more from an indemnity value insurance policy since the benefit you will receive will depend on your last several paychecks.

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