Compare Income Protection for IT Consultants

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Income Protection Insurance for IT Consultants

As an IT consultant, companies come to you when they seek the expertise of someone on everything IT-related. This comes with a number of perks. For one, being a consultant puts you at a level above regular employees since you're seen as an expert. Aside from that, you are not bound by the 9-5 schedule of those with day jobs. Rather, your time is a lot more flexible, enabling you to do more than just sit in an office the whole day.

There are some tradeoffs to being a consultant too, of course. One of these is that you don't have an employer who will be able to provide you with health or other types of insurance when you get sick. Another thing is that when you do get ill or injured and are unable to work, you won't have any income. This naturally would put your finances at risk. The great thing, though is that there's such a thing called income protection insurance. And that's what this article is all about.

About Income Protection Insurance

Income protection insurance is a type of insurance that is specifically designed to provide you with income when you're unable to work due to an illness or injury. How it works is that your insurer will provide you with monthly benefits (up to 75% of your salary) for a definite period. You could then use the money you receive to pay your medical expenses, the expenses involved with your recovery, as well as your day-to-day expenses.

There are two ways how insurers compute the amount of benefits you will receive. First is indemnity value insurance policy. In this option, the amount of benefits is based on your last few paychecks. This is good if you are a regular employee who expects regular salary increases, but you aren't. Thus, there's also the agreed value insurance policy. The value of your monthly benefits when you take out the policy is based on your agreement with the insurer when you first applied for the policy. Thus, the benefits you receive won't be affected by fluctuations in your income, making it perfect for consultants like you. The cost of the premium may be higher in an agreed value policy, but it gives you better coverage than indemnity value.

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