The global pandemic has dramatically changed the economic and working life of many Australians.
The majority of people have to stay inside their houses, and they can’t go out and work. Some people are working from home, but not all are fortunate enough, with many people sadly losing their jobs. Small businesses have suffered a lot; most of them related to travel, food, and hospitality industries and some have shut down as they could not survive the hard-hit of the coronavirus.
In this situation, it might be difficult for you to take care of your family. Your children do not go to school, but you still have to pay the fees. You have to buy groceries, pay bills, and mortgages. And most importantly, save because we don’t know when life is going to be normal again.
In a time of crisis, income protection insurance is something that can help you. Income protection pays up to 85% of your income if you are unable to work due to illness or injury. Income protection policies also gives additional benefits like inflation protection and even a small redundancy benefit. Although you would not receive a full income protection benefit due to redundancy, it is only an additional benefit that is usually quite specific in what it would reimburse you for.
The key trigger for a claim under income protection is disablement (injury or illness) that prevents you from working.
People who are working from home may think they are financially secured, and they don’t need income protection insurance, but that is not the case.
When buying income protection cover, the most important thing you should keep in mind is finding a reliable insurance provider like Aspect. The company you choose should have a website, contact address, and policy.
Aspect UW is a leading and trustworthy income protection insurance provider in Australia. The best part about Aspect income protection is you don’t have to visit their office or have a meeting with them to get cover. All you have to do is hop onto their website and get an online income protection insurance quote.
Buying income protection cover with Aspect is a hassle-free process. In a few clicks, you will able to purchase income protection insurance. So, hurry and get a customised income protection quote and secure your future with the experts.
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.
