Income Protection Insurance - Pay Now to Get Paid in Future


NSW, Australia -- (SBWIRE) -- 09/18/2013 -- The Income Protection insurance, formerly known as Permanent Health Insurance is slowly becoming a faithful friend of man’s future. This insurance guarantees benefits to the policyholder lest he should become incapacitated to work due to illness or injury. The Income Protection Insurance is a dependable policy wherein benefits are received until death, retirement or recovery. The Income Protection insurance has found mass acceptance in United States, United Kingdom, Australia and New Zealand. It continues to grow into other nations as well. The extent to which this Insurance could save families and household from going bankrupt has been the sole reason behind its acceptance.

There is no question that man’s future today is ridden with uncertainties, some of which could ruin his life. Income Protection Insurance is one of the ways in which man can avert any such problems and secure his income for the future as well. This Insurance allows a man to live in his present without bothering about his future. The Income Protection Insurance has many variants, all of which are beneficial in one or the other way. The Increasing IPI helps you keep pace with inflation whereas the Reviewable IPI allows you to reassess your policy every few years. One of the biggest advantages is that insurance companies are not very hesitant in paying benefits. Companies like Aliva and PG have been paying benefits to 90% of all claimants.

Benefits received are completely exempted from tax. IPI benefits continue for as long as the policyholder expires, attains the age of retirement or recovers completely (whichever is earliest). The fact that this insurance policy guarantees regular benefits for such a long duration is a major reason why people have been attracted to it. Although it does secure your income, this policy does not act as a moral hazard and the policyholder always has an incentive to return to work.

The premiums and cover depend on a wide range of factors like age, gender, risk involved in occupation, health habits, etc. The deferred period of payment also regulates the premiums. A bird’s eye view of the Income protection Insurance paints a very rosy picture considering its utility in dire circumstances. The Income Protection Insurance comes across as a consolidate policy that safeguards your future against any misfortune that may befall you. Although it does have its share of restrictions, none of them are big enough to eclipse its utility and importance in man’s life today.

If we were to see it in a different way, it is our income today that is generating our income tomorrow in case we aren’t fit enough to earn. In a way, the IPI policies are an investment for your future. With an Income Protection Insurance, you can live a carefree life not bothering about tomorrow because you know someone’s got your back.

Contact Info

Phone: 1300 768 491
Fax: 1300 768 492
Address: PO Box 6537 Rouse Hill Town Centre, NSW 2155