Have you ever stopped to wonder what would happen if you were incapacitated and could not work for a while due to an illness or injury? How long would your family go on without your income? Life happens and sometimes your income is not sufficient to cater for your family in the event that you have to take some time off work.
Income protection insurance Westpac is designed to replace part of your income which is lost when you cannot work or have to go under medical rehabilitation. This type of cover prevents you from drawing on your assets or having to incur debts for medical reasons. The product is tailored for both employed and self-employed individuals. It is particularly ideal for people who do not have a disability insurance cover at their work place.
– As a policy holder you receive 75 percent of your income and this allows you to maintain a decent living as you recover.
– You have the option of renewing your policy until you attain the age of 65, this holds even when you make recurring claims. This feature gives you assurance that you have an ongoing cover. For you to be eligible for a cover renewal, you must ensure that you make timely payments and be earning a regular income.
– Another essential benefit is that monthly payments will be adjusted for inflation every year. This means you will be getting extra cash each year.
– Policy holders are not required to pay premiums when receiving claim payments.
– The policy falls in the category of “loss of earnings” and this means premiums are tax deductible.
– If your condition happens to relapse within a period of 6 months from your last disability, you can recommence again without having to wait.
– If you resume work and you are not in a full capacity to work and your earnings are reduced, you have the option of applying for a partial disability benefit.
– This policy gives special discounts to non-smokers.
For an extra cost, you can bundle up your income protection insurance cover with a needle-stick benefit. This policy offers you a lump-sum one-off payment if you happen to contract Hepatitis B or C or HIV while conducting medical duties. There is also a children benefit cover where you also get a lump sum if your child contracts certain diseases.
The Need For Income Protection
Life or medical coverage is only availed during critical times. Again, these may cover your medical expenses, but what happens to your family when you need time off to recover? Income protection therefore plays an integral role and can meet your daily expenses so your family can maintain their lifestyle until you can resume work. The policy covers you when your income cannot. All that is required of you is to choose a plan that favorably fits you and your needs and those of your family. From here, you can enjoy the benefits of income protection without the need to incur debts or sell off assets. Thinking beyond your income can make a big difference. Visit our website for more information regarding income protection insurance.