Why Income Protection Insurance Is Just As Important As
In Australia, every part-time and full-time worker is entitled to a certain amount of sick leave. Depending on your workplace contract, you will be eligible for a certain amount of unpaid and paid sick leave. However, your employer can add additional paid sick leave as a workplace benefit. In the age of the pandemic, this allows employees never to rethink coming into the office with any flu-like symptoms and instead stay home.
While additional workplace benefits are something most of us look for when landing a job, employers are skipping over some of the essential benefits that everyone should have.
Income protection insurance provides an individual with up to 75% of their income if they are injured or become ill and, as a result, are unable to work. However, even though it is essential for financial stability these days, employers and individuals often forget it altogether.
This is often because of the ambiguity, misconceptions, and misunderstandings surrounding income protection insurance and its benefits. For Australians, WorkSafe will cover many of us for any injuries sustained at work, but what if you sustain an injury after work hours? Or fall ill enough that you will use up all your paid sick days; what are you going to do?
This is where income protection comes into play. Not only does income protection cover you if you have used up your paid sick leave, but it is also an excellent option for contract or casual workers who don’t have access to sick leave. It gives every worker financial stability if they are to fall into an unfortunate situation. Whether you need to pay a mortgage, medical bills, personal loans or support your family, income protection can be your safety net to protect your family from a detrimental financial situation.
An income protection insurance policy is just as important as sick leave or even more critical because it protects those who don’t have access to sick leave. It is a better and more accessible option for a wider audience. What’s best is to have both – income protection works with your sick leave. For example, your sick leave can cover your income protection waiting period and you can then choose to stop using your sick leave when your income protection payments commence.
While uncommon, if you are an employer, you should be educating your employees, including contractors and freelancers, on income protection insurance and what it can provide to them. However, if you have the option to, you could also offer your employee’s income protection insurance as a benefit within their employment contracts.
When searching for the right income protection insurance policy, look no further than tailored policies from Aspect Underwriting. Aspect UW makes getting income protection insurance an easy and seamless process. If you’re an individual, you can quickly fill out their online quote form and receive a quote that is tailored to your circumstances. They also allow you to purchase insurance easily online, so you don’t need to spend hours on the phone with them or meet them in person.
If you’re an employer, Aspect will provide you with a Group Income Protection quote by simply contacting them by either email or phone.
If you are looking to research and purchase an income protection insurance policy in Australia, look no further than easy and accessible cover from Aspect Underwriting.