According to information from financial services company AXA only 6% of Australians have income protection insurance. Clearly the vast majority of the working population are unaware of the importance of having income protection insurance, a fact which has led major insurance companies to focus on increasing consumer awareness of the advantages of taking out an income protection insurance policy.
Without any form of income protection insurance, many Australian families could be left extremely vulnerable in the event of an illness or injury preventing one or both parents working. Insurance companies both locally and overseas are working to rectify this situation by highlighting the importance of income protection whatever your family’s circumstances may be. No matter what your level of income, or whether you are in a couple or a single parent, income protection insurance can benefit you.
The benefits of taking out income protection insurance include financial security and peace of mind should you be incapacitated by illness or injury and unable to work. With income protection insurance, your family has a higher level of protection against the unexpected and there is less chance that a serious accident or illness will be financially devastating.
It is important that as many people as possible are informed of the major impact that not having the right income protection insurance could have on their family’s lifestyle should something happen to prevent them from working for a significant amount of time. Becoming aware of the benefits of income protection insurance may help families make the right decisions to protect themselves and their overall quality of life.