Compare Income Protection for The Self Employed

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Income Protection Insurance for Self-Employed Individuals

When you are self-employed, your income has the tendency to fluctuate based on various reasons. It could be that the industry you're in has its low seasons, or that you are affected by movements in the economy. Whatever the reason for these fluctuations, a certain amount of uncertainty is part and parcel of being self-employed.

Because of uncertainty, it becomes even more important for you to protect yourself from unforeseen circumstances. What if you suddenly fall ill or get injured in an accident? While people with day jobs have sick pay to cover their needs, you don't. Or even if you have saved enough money for emergencies, you'll likely burn through that quickly if you suffer from a serious condition. That is where income protection insurance comes in.

What Income Protection Insurance Is

Income protection insurance is designed to help cover your financial needs if you are unable to work due to an illness or injury.

Depending on your policy, you could receive up to 75% of your salary on a monthly basis. You could then use the money to pay for your bills and debts. This is even more important if you have a mortgage to pay, since you have to avoid defaulting on it if you wish to keep your property.

Agreed Vs. Indemnity Value Insurance

Your insurer will usually give you an option between an agreed or indemnity value income protection insurance policy. In an agreed value policy, your monthly payouts are fixed to the salary you had from the first time you applied for the insurance. Meanwhile, your last few paychecks prior to your lodging a claim will be the basis of the value of payouts you will receive in an indemnity value insurance policy.

As a self-employed individual, it is often more practical to choose an agreed value insurance. Why? That is because you're protected from fluctuations in your income. So in case you experience a slump in the past month, that will not have any bearing on the payouts you'll receive should you lodge a claim today.

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!

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