During unpredictable and unprecedented times we can find ourselves feeling out of control and anxious about the unknown. The best way to establish stability and security through times of uncertainty is through income protection. If you have fallen sick or sustained injury preventing you from being able to work or leaving you’re only capable of work part-time, then seeking the assistance of income protection will financially assist you during your time of need. Don’t take the risk and rest on your loreals thinking that ‘it won’t happen to you’. Income protection is proven to be one of the best preparation measures to ensure you are protected during hardship so you are best armed to focus on recovery and get back on your feet before re-entering the workforce.
Income protection offers an array of benefits to not only your recovery but will also relieve the burden of financial strain during this unforeseen and uncertain time. Through standard income protection if you are sick or injured you are protected and provided with up to 75% of your income on a monthly basis.
1. Reduced Stress
If you find yourself unable to work due to injury or illness, the financial strain can take a real toll on your stress levels and ability to focus on recovering. Income protection gives you the peace of mind and confidence that you are taken care of during your time of need and you will be able to work on getting your life back on track without the burden of not earning enough to manage your bills and sustain your lifestyle.
2. Protected while caring for your sick child
You think income protection only covers the injured or the sick. However, there are multiple policy options available which allow you to be protected and receive payments if the reason you are unable to work is due to the injury or sickness of your child. You will be covered with expenses surrounding the treatments and recovery of your child.
3. Rehabilitation rebates and benefits
If rehabilitation is required as a part of your recovery plan you will qualify for benefits or rebates. These include - any possible increased medical costs, reimbursement for programs, equipment and even at times home modification if required.
4. Public Liability
Income protection is also designed for professionals who interact with customers or the general public. In the unlikely event of personal injury on your property, public liability insurance falls under the umbrella to assist you in these times. This is most commonly known as ‘Insurance for Public Liability’.
5. Partial Disability Coverage
If you have found yourself in a situation where you are only able to work partial work hours or part-time due to disability. Some insurers offer partial disability coverage through your income protection claim which may alleviate financial strain due to reduced work capabilities.
6. Coverage for Redundancy
If you have been terminated from a workplace due to cause of redundancy you may fall under a redundancy coverage category through some income protection insurers. There are general specifications under this category such as being made involuntary redundant where you have been forced into a position that is no longer required due to the economic downturn or company restructuring.
Fear of the unknown is daunting and stress-inducing however with the peace of mind that you will be well looked after while relieving yourself of at least one additional burden through income protection can really make a difference to how quickly you recover. The uncertainty of today’s job market can leave employees in a space of duress, unforeseen unemployment and the best way to ensure protection during these times is thorough preparation. Being prepared before, during and after uncertain times will give you the peace of mind and confidence that you will be looked after should your employment terminate abruptly.
Failure to prepare yourself through the benefits of income protection could leave you in a position of financial hardship and strain and make getting back on your feet a lot more difficult. Having the reassurance that your income will continue when you are unable to work due to injury or illness will relieve you of that additional burden so you are able to focus on recovering and getting on with your life.
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.