Income Protection Insurance for Project Managers
Regardless of the industry you’re in, being a project manager isn’t an easy task. From planning to executing a project, you need to make sure that everyone’s doing their job, all goals are met, and that deadlines are adhered to. In other words, the success of a particular project depends a lot on your management skills.
Because of your responsibilities at work, it could be that you’re forgetting to take care of your most important asset: your health. What would you do if you suddenly fall ill or get injured onsite, causing you to be unable to work for an extended period of time? Sure, your employer could handle the costs, but until when? Surely, they cannot spend all of their money just waiting for you to recover. Because of that, you need to cover yourself with income protection insurance.
What’s Income Protection Insurance?
Income protection insurance is a type of insurance created with the purpose of providing the insured with monthly payouts in case of illness or injury that prevents him from working. It’s never a great thought to imagine yourself trying to recover for several months from your condition without getting any salary. Where would you get the money to pay for your medical expenses, your monthly bills, your mortgage?
If you have income protection insurance, you will receive up to 75% of your salary. You could then use the money to cover your monthly expenses as well as the costs of your recovery.
Elements of Income Protection Insurance
There are certain elements that help define income protection insurance. One of these is the waiting period. You might get the impression that you could receive benefits immediately after you lodge a claim. It doesn’t work that way, however. There are waiting periods involved here, usually 30 and 90 days, before you could start receiving your benefits. Also note that the shorter the waiting period, the more expensive your premiums will be. So weigh your options well. If you could afford it, then by all means get a shorter waiting period. The last thing you want is to wait longer when you already need the money.
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!