The importance of income protection insurance cannot be understated but it is a type of protection that many Australians overlook when they think about insurance. Income protection insurance is designed to pay up to 75% of your income for a set period of time in the event that you are unable to work due to an illness or injury. With new products being released that boast even more attractive features than previously, now is a great time to start thinking about income protection insurance.
According to Money Magazine’s best of 2012 insurance awards, the best featured income protection insurance product of the year is TAL’s Accelerated Protection Premier Agreed Policy. TAL stood out from the competition due to its impressive range of features which include child care benefit and child’s critical illness benefit – two benefits which are highly appealing to families. Other features include rehabilitation benefit to help with recovery costs after an illness or injury and expenses and overseas assistance benefits to help if you are injured whilst out of the country.
When you are deciding on the right income protection insurance product for you, it is best to consult an experienced advisor before you commit to a policy. There are a number of new products becoming available with a wide range of optional features and the choices can be overwhelming. The most expensive product or the product with the largest number of features might not necessarily be the best for your individual circumstances and a financial planner may be able to help guide you in the right direction.