Income Protection Insurance is a policy that covers your earnings in case you are unable to work due to an injury or illness. Since income is one of your most valuable assets, income protection is of paramount importance. So why not get covered now?
One key reason to purchase income protection insurance is the assurance it gives you, enabling you to live comfortably in the unfortunate event you’re unable to work. In the event of total or partial disability, income protection insurance pays up to 75% of your pre-tax income for a certain period. The plan replaces your annual earnings in the 12 months preceding your illness or injury with your current earnings. Regardless of whether you’re in your 20’s or your 40’s, Income Protection Insurance gives you the comfort you need.
Quite simply, the sooner you’re covered, the sooner you can feel financially secure. For example, you may decide to get income protection coverage at 30 or 50, but the 30-year-old may have more reason to get protected due to their specific work and family commitments that the 50-year-old may not have.
Age does influence insurance premiums. The likelihood of becoming ill increases as a person ages, resulting in higher insurance premiums. Alternatively, purchasing income protection at a younger age come at a lower cost because your risk of being unable to work is lower.
As you age, you take on more responsibilities such as a mortgage and starting a family. So you need to select a sum insured that is appropriate to your situation. Most income protection policies provide coverage for two to five years or up to a certain age (such as 65). While longer benefit periods are more expensive, they offer greater protection if you cannot work for an extended period.
Aspect UW can generate a free online quote for you in under 10 minutes. This enables us to identify your situation and tailor a policy package specific to you and your circumstances.
Protecting your income at any age is a good idea. However, the need for income protection policies is often triggered by getting a mortgage, starting a family or and taking on bigger financial commitments.
Looking for the right income protection policy?
Look no further than Aspect Underwriting. The process of getting income protection insurance with Aspect Underwriting is straightforward and seamless. You can fill out their online quote form and get a quote tailored to your needs. If you’re happy with the quote, you can then buy the policy immediately.
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
