Income Protection Insurance for Operations Managers
Operations managers play a key role in any organisation that they work in. In general, it is their job to ensure that the workflow of the company's operations goes smoothly and on time. For example, it may include coordinating schedules of shipments, tracking the progress of the project, as well as providing management with timely reports.
Since you're reading this, chances are that you or your spouse is currently working as an operations manager. Aside from that, you are also looking to apply for income protection insurance. That's good thinking on your part, because after all, nobody really knows what the future holds for everyone. Thus, it's important that you and your family are ready for what tomorrow may bring.
With income protection insurance, the beneficiary will receive monthly benefits in case he is unable to work due to an illness or injury. The benefits usually amount up to 75% of the beneficiary's salary for a set period of time. It is then up to the insured how they will use the money. Most usually choose to use this to pay for their medical expenses and rehabilitation, while some set aside funds for their daily household expenses.
How Much Income Protection Insurance Costs
As with other types of insurance, you need to pay premiums for your policy. The cost of premiums in income protection insurance depends on a number of factors. These include the waiting period and the benefit period. The waiting period is the period of time that has to pass before the benefit is paid out. It may be as short as 14 days, or as long as several years. The rule of thumb here is that shorter waiting periods cost more than longer ones.
Meanwhile, the benefit period is the length of time within which you will receive your payouts. In general, benefit periods last up to 2 years, although it is not uncommon to have one that lasts 5 years or more. When it comes to the cost of premiums, longer benefit periods cost more than shorter ones.
Apply for 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!