Buying a property in Australia, without Income Protection Insurance could be a mistake says a leading insurance expert. Superhero Insurance, who help consumers find affordable insurance cover, are warning people looking to buy a property, to research how important Income Protection Insurance is.
Sydney, Australia -- (SBWIRE) -- 01/28/2015 -- A leading insurance company in Australia, who helps consumers save money on their insurance needs, are concerned first-time buyers are not been given the financial advice they need to safeguard their financial future. Superhero Insurance, who with their insurance comparison tool has helped consumers save money, has warned 20% of defaulted mortgages in Australia are caused by the loss of income. Through Income Protection Insurance, this figure could be reduced, according to a spokesman for Superhero Insurance (http://www.superheroinsurance.com.au/income-insurance-australia.html).
The Australian insurance experts explained that nobody knows what the future holds. When a person suffers from an injury or illness that causes them to take time off work, this can cause them financial hardship. However, if they have a mortgage and their income is vastly reduced, it could put their home at risk.
A spokesman for Superhero Insurance said: "For less than a cup of coffee a day, roughly $595 a year, a homeowner could protect themselves and avoid mortgage defaults.
He continues: "It's really a question of income versus outgoing. Income, the greatest asset one will ever have in their lifetime. However, it could be cut off if one succumbs to an injury or illness. Mortgages, on the other hand, are impervious to everything."
According to reports, 85%, of Australians will insure their homes, 83% will insure their cars… but only about 31% will insure that all-important income. That means only 31% have insured their ability to keep up with those home payments, car payments, payments on their utilities, their children's education, even on the ability to buy food.
Another reason homeowners do not take out Income Protection Insurance is down to the lack of knowledge and understanding how this important insurance works.
Income Protection is a monthly payout of up to 75% of one's income. It can be used to pay off anything the claimant finds most pressing – medical expenses, monthly bills, and those important mortgage payments.
Income Protection Insurance is the best way to keep one's lifestyle at its current level when one's income is put on hold. The added bonus is it help people to stop worrying about their finances and concentrate on getting better.
Australian Income Protection Insurance experts, Superhero Insurance, understand people may not properly understand how the insurance cover works. That is why they have a dedicated section on their site that covers the information people need. They also have an Income Protection comparison tool, which allows consumers to find the most affordable insurance cover available instead of overpaying.
To learn more about Income Protection Insurance and to use the insurance comparison tool, please visit http://www.superheroinsurance.com.au/income-insurance-australia.html
About Superhero Insurance
Superhero Insurance is 100% owned and operated by local professionals – independent of banking and financial institutions. The company was formed around the idea that DIY insurance shopping should be easy and understandable for every Australian. Superhero's insurance experts guide Australians through every stage of insurance – from the initial purchase right through to assisting with the claim process.
Superhero Insurance email@example.com
Level 14, 309 Kent Street,
Sydney NSW Australia
1300 728 252 http://www.superheroinsurance.com.au https://www.youtube.com/watch?v=C1A3cZhkios