Compare Income Protection for Software Developers

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Income Protection Insurance for Software Developers

Whether you are self-employed or work for a company, being a software developer can be physically and mentally taxing at times. Aside from just building software and ensuring that it works flawlessly, sometimes you also have to deal with clients who demand a lot from you when it comes to providing updates and meeting deadlines.

Of course all these are fine because they come with the territory. However, what would you do when you wake up one day and are suddenly unable to work because you fell seriously ill or were injured?

Your health insurance can help pay for your medical expenses in case of an emergency. But while you aren't working, you also aren't earning anything. You could use some money from your savings, but you really shouldn't because you put that away for something else, be it for your children's education or to buy a new home. This is where income protection insurance can help you.

How Income Protection Insurance Works

Income protection insurance is a type of insurance where you receive up to 75% of your salary on a monthly basis. Its primary purpose is to provide you with funds while you're not working and are still trying to recover from your condition. With the money, you would be able to fill in the financial void you left temporarily until you could get back to work again.

Indemnity Vs. Agreed Value Insurance

When you apply for income protection insurance, you would be given a choice between indemnity and agreed value insurance. So what's the difference between the two? An indemnity insurance policy is designed for individuals who receive a regular salary, since the value of the benefits is based on the insured's average salary. It is also more affordable than the other option.

Meanwhile, an agreed value insurance policy is more ideal for self-employed individuals. Since their income may fluctuate over time, this type of policy protects the insured by coming up with an agreed benefit amount that he will receive regardless of the changes in his income.

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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