Life can be unpredictable and it is important to consider the worst case scenario and be sure that you are your family is covered. Income protection insurance is a type of insurance, which simply ensures that if you are unable to work for whatever reason, you will still receive an income.

Think about it for a moment. If your income suddenly stopped today, most people would be in serious trouble pretty quickly. Your income might have stopped but your bills and expenses won’t stop at the same time.

There are lots of reasons that your income could be reduced or disappear and you might need to call on your Income Protection Insurance. You could, for example suffer a significant injury or you could become very ill and not be able to work, either for a long period of time – or in extreme cases never again.

Once you take out the policy and go through any waiting period, Income protection insurance works by paying a monthly benefit if and when it is required. This means that you will still be able to meet ongoing expenses such as your bills, groceries etc even though you are no longer able to work.

There is a range of options when choosing which income protection policy is right for you. For example, what kind of waiting period do you want after you have become unable to work and before the income protection insurance actually starts? Do you need it to start as soon as the injury or event occurs, or can you afford to finance yourself for several months before the payments begin?

Another question that you need to answer is how long do you want the income protection insurance to pay out? Commonly you can choose a period of years or right up until retirement age. This means, you need to think about the kind of work you do and how much of an impact a serious injury will have on your ability to do that work. A doctor, for example will have different Income Protection Insurance needs than a labourer.

Yet another question is how much income protection insurance do you require? This means, what percentage of your salary do you want replaced in the event of an accident or illness? The answer to this question needs to take into account whether you will have any other income streams if you are unable to work. Different policies offer different options in this area but it is uncommon for a policy to completely replace the salary.

What about retraining? Is this something you want included in your Income Protection Insurance policy? If you become unable to work in your current job, will you require your income protection insurance to provide the funds to retrain you for another job you can do with your new limitations?

The answers to all the above questions will have an impact on the cost of the insurance. Other factors will also come into play, for example how old you are, whether you are male or female and whether you are a smoker. As an additional incentive, the premiums for income protection insurance are usually considered to be a tax deduction and so will help to reduce your taxable income.

The specialists at Intellichoice will be able to work through these questions and make sure that the income protection insurance will suit your needs and concerns while not paying for anything you don’t need.

It is human nature to not want to think about things going wrong and what kind of insurances you’ll need if they ever do.

Instead at Intellichoice we like to focus on how great it feels to know that you and your family are covered if something unexpected does happen.

Trauma insurance is simply an insurance that is designed to give you a lump sum of money when you need it most.  It pays out if you are diagnosed with a number of specified medical conditions, the most common of which are cancer, heart attack and stroke.

By taking out trauma insurance you can rest easy, knowing that if you do get really sick with one of the specified illnesses, you will have enough money to concentrate on getting better.

It is not something that a lot of people like to think about but the reality for most families is that if the main breadwinners’ income suddenly stopped due to trauma or illness, it would only be a matter of weeks before things became tight financially.

Income protection insurance is there in case something happens which means you can’t work, either for a long period of time – or sometimes never again. In essence it will pay out a lump sum, if you are unable to work.

There are many different versions of Income Protection insurance and each aspect needs to be carefully considered to ensure it meets your needs.

The insurance specialists at Intellichoice take the time to talk with you about your specific needs and find the insurances that best suit you.

Give us a call on 1300 55 10 45 and we can help put your mind at ease.

No one knows what is just around the corner, which is why it is important to consider your insurance carefully.

Most people understand the importance of insuring their home and their car, but far fewer people understand the need for insurance your life.

Life Insurance is just that – insurance you take out to insure your life. Once you have taken out the insurance and gone through the waiting period, payments will be made in the event of your death to your beneficiaries. Life insurance can make an enormous difference to those you leave behind by ensuring that they won’t have to deal with financial stress as well as losing you.