At a glance:
- Income protection insurance covers your financial concern if you can’t work due to an injury or illness.
- Now you may have heard a popular myth income protection insurance is designed for high-income earners, But that’s simply not true!
- Get a quote today for income protection insurance with Aspect!
What is income protection insurance?
Keeping on top of your bills is a critical part of financial planning, so even if you can’t work, you will be able to keep up with your lifestyle
Are you familiar with income protection insurance? This type of insurance aims to cover you in the event you can’t work due to an injury or illness. Usually, you can get up to 75% of your income covered, but with Aspect UW, you can get up to 85%.
Further, the money is yours to spend however you want, and you can prioritise bills and expenses that you consider more significant regardless of your needs – education costs, mortgage repayments, childcare fees, or nursing costs.
Can I afford income protection if I am not wealthy?
Now you may have heard a popular myth income protection insurance is designed for high-income earners, But that’s simply not true! You need to protect yourself and your family regardless of your income level, and you can get coverage.
You and your family depend on your income to pay bills. What if you lost it one day? Even worse, you lack a plan B to supplement that income.
Let’s suppose you have sick leave entitlements to cover some of your absence, but when you face a serious injury, you’ll need to take time off from work. This is why we’re debunking this myth so it doesn’t stop you from considering income protection insurance. You’re taking a big step toward financial security.
How to make income protection insurance affordable?
Longer waiting periods:
Choosing a policy with a longer waiting period is one way to make income protection insurance more affordable. When you apply for benefits, there is a waiting period between when you first become incapacitated and when you begin receiving benefit payments. The longer the waiting period, the lower the monthly premiums. If you have savings or another source of income, a longer waiting period can be managed.
Aspect UW offers waiting periods of 14, 30, 60, and 90 days.
Benefit period:
Consider policies with a lower benefit period. If you lodge a claim, you’ll get the benefit amount every month to the Maximum Benefit Period you select. Aspect UW offers three benefit period options of 52, 104, and 260 weeks.
Shop around for policies:
The key to finding an affordable deal is comparing policies from different providers. A specialist broker can help you find the best insurance option using online comparison tools that take your financial concerns into consideration. Australia has lots of income protection insurance options for people of all income levels.
Consider your coverage limits:
The amount of coverage you need will affect the cost of your policy. Hence, you must consider income, expenses, and assets when determining how much coverage you need. You should always aim to insure your income accurately, there is no advantage in either over or underinsuring.
Payment frequency:
Usually, a fee is associated with paying insurance premiums more frequently than once a year. That said, smaller, more frequent payments may help with budgeting rather than large, one-time payments.
Bundle your policies:
Bundling your policies may qualify you for discounts from some insurance providers. By doing so, you can save money while still receiving the coverage you need. Here are some lucrative income protection insurance bundle options available:
Accidental death insurance
Accidental death insurance provides a lump sum payment in the case of a premature death caused by an accident.
Aspect Underwriting offers a top-notch Accidental Death Insurance Policy. Because it only covers injury, accidental death insurance costs less than life insurance. In general, based on your specific circumstances, the sum insured ranges from $100,000 to $1,000,000.
Trauma insurance
In addition to income protection, you may want to consider trauma insurance. This type of insurance provides a lump sum payment upon diagnosis of a serious illness or injury, such as cancer, heart attack, or stroke. A reliable way to maintain financial security during a medical crisis.
Choosing Aspect for your trauma insurance needs offers a range of benefits. Aspect’s policy covers 11 critical illnesses, including Cancer, Heart Attack, Stroke, and Coronary Artery Bypass Surgery. It is an affordable and flexible option for Australians aged 18 to 64, with benefits ranging from $50,000 to $500,000. Aspect offers upfront premiums with no hidden fees and is backed by Lloyd’s. They also cover a wide range of occupations.
Total and permanent disability insurance
In case there is a permanent disability, total and permanent disability insurance pays a lump sum amount. If you can’t work due to a permanent disability, this kind of insurance can help you maintain your lifestyle and ensure your financial security.
Aspect’s Total Permanent Insurance is a preferred choice for those seeking coverage in case of permanent disability. Having up to $1,000,000 in benefit coverage gives you the financial security you need. It can be purchased separately or in conjunction with other products. White-collar and blue-collar occupations are covered by Aspect Total Permanent Insurance and do not require any medical tests.
Conclusion
One of the crucial yet overlooked forms of protection is income protection. People of all income levels are eligible for this product, and there are a lot of options. Take the first step today and visit Aspect UW’s website to find the right policy or customise a policy to suit your requirements.
Getting an income protection quote online is a quick and easy way to get an idea of how much it’ll cost. It takes just a few minutes to get an instant quote by filling out a few basic details about your circumstances, occupation, and salary. Secure your financial future with Aspect’s simple, fast process.
Get a quote today for income protection insurance!
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.
