Queensland, Australia -- (SBWIRE) -- 11/05/2013 -- Nearly everyone is familiar with insurance nowadays, especially with the mandatory requirements for minimal accident insurance for cars and fire insurance for homes and real property. People are naturally protective of their own assets and are willing to take pains to secure them. The irony here is that they often neglect the most important asset they have: their earning capacity. A person and his income earning capacity should be preserved and protected too especially if he has a family depending on him for survival.

The Need to Protect Income
Without ample income, a person’s family will have to deal with limited financial resources. The financial burden will be even heavier with the health and medical expenses adding to the family’s everyday expenses. This does not necessarily have to be the case when a person buys an insurance policy to protect his income. Aside from policies for those who are employed, there are also coverages for income protection for self-employed individuals as well as for those practicing their profession.

The One Policy People Need
Everyone who earns income to support his family needs an insurance product that protects him from the financial impact of losing his jobs or business revenues. When a person cannot work for a certain period, whether due to an illness, an injury or an accident; or when such person needs to recover for a longer period during which he cannot return to work at all, his insurance policy will pay him monthly cash benefits to replace his salary. Such policy is also available as income protection for doctors and those receiving professional fees instead of salaries.

There are two kinds of insurance available for protection against loss of income. These are differentiated by the amount of monthly benefits. The most common is the kind that pays up to a percentage of a person’s salary at the time of accident or disability. The other kind is the one that pays up to a specific amount named when the insured applied for coverage.

Determining the Right Coverage Amount
Coverages for those who are employed are easy enough to determine as they usually opt for a percentage of their salaries. Those coverages for income protection for self-employed and professionals, however, are more complicated as their income could fluctuate from month to month. It is all the more necessary for these individuals to purchase insurance policies that protect against loss of income in case of temporary or permanent disability. These individuals often do not have health care benefits and medical insurance, making it a huge burden to have to deal with the accumulated expenses while they are unable to earn income.

Find the Right Partner
The best partner in protecting one’s income-earning capacity is one that has been around for quite some time and has been able to establish a track record of serviced claims. They should have a network of advisers who are all too willing to discuss anyone’s insurance needs. For those who are looking for income protection for doctors, for self-employed, and for employed individuals, these advisers can be the right partner in finding the perfect coverage for their needs and budget.

To talk to an adviser now and find out how one can secure his family’s financial future in the simplest way possible, Income Protection One may be reached through telephone (1300 768 491) or through fax (1300 768 492). E-mails may also be sent to info@startfinance.com.au. This company’s authorized representatives are all registered with the AAA Financial Intelligence Pty. Ltd.