Australia is renowned for being a country that epitomises the spirit of making the most of every moment. However, though much of the world has the impression of a sun-kissed, laid-back society, Aussies are acutely aware of life’s uncertainties. One of the ways that many maintain a high level of preparedness for the future is income protection insurance. After all, if you don’t safeguard your income, how can you keep living the best possible lifestyle?
How Australian income protection insurance is better than most countries
Of course, some countries have systems and insurance policies in place for when life takes an unexpected turn, causing someone to be unable to work. However, there are certain features of income protection in Australia which go above and beyond when compared to many places around the world.
Regulation and transparency – The Australian Prudential Regulation Authority oversees the insurance sector, ensuring stringent standards. This means Australians can always trust the quality of the package they purchase.
Flexible policies – Insurers also offer a range of waiting and benefit periods, which allows people to tailor income protection insurance policies to their specific needs.
Inclusive Coverage – Policies are often comprehensive and cover a wide range of illnesses and injuries Australians might face, whether a surfing accident or sudden illness.
Sizeable payouts – The majority of income protection insurance policies will cover up to 75% of someone’s salary, meaning they can still afford to pay their outgoings and maintain a full life. This is also great for relieving the stress of financial burdens so people can focus their time and energy on recovery.
Tax Deductibility – A unique thing to Australia is that income protection insurance is tax deductible, making it more affordable and encouraging every citizen to take out a policy that suits them.
The importance of the peace of mind income protection insurance brings
Australian ethos is centred around a balanced approach to life. Finding the time to do the things you love is always at the top of the list. One thing that helps with being able to focus on these things is having peace of mind, and that is one thing everyone is sure to get with income protection insurance.
Financial security – Everyone knows Australia isn’t the most affordable place without a steady income. That’s why safeguarding it is paramount. The reassurance that you can maintain your home, hobbies, and lifestyle no matter what is invaluable.
Health and well-being – Having the money side of things covered means Australians with income protection insurance can focus on getting back to good health and relieve their mind of any stress financial worries bring.
Family and Community – Income protection insurance not only offers individuals a safety net but the whole family, too. Seeing as family and community are heavily ingrained in Australian culture, it is important not to pass on financial burdens and have enough time to be there for each other.
Future planning – With finances covered, income protection means people can focus much more on future plans.
In Conclusion
Income protection insurance is one of the best ways to safeguard your income and focus on the things that truly matter. It can be tailored to do whatever you need to ensure absolute peace of mind.
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