Getting hurt is no fun, especially when your injury disables you to the point where you’re unable to work. Sure you may be covered by Worker’s Compensation if you suffer an accident in the workplace, but what if you are injured or become ill outside of work?  Again your employer may provide sick leave benefits but this will only cover a short period of time and a serious accident or illness can take months or even years to recover from.  If you’re temporarily unable to work you may be eligible for a Centrelink Sickness Allowance but again this may not be enough and you will have to be means tested before receiving any benefits.

So really where does this leave you?  Digging into your savings if you’re lucky to have any, but that means whatever special savings goal you had will disappear to pay for your day to day living expenses and/or medical costs.  Seems unfair, you work hard, putting money aside for an overseas holiday, the kid’s education or paying off debts and now it’s all gone.

So what’s the answer?  Short Term Disability Insurance also known as Income Protection Insurance and Salary Continuance Insurance.  Short Term Disability Insurance or Income Protection Insurance provides a monthly income benefit payment if you are unable to work as a result of disablement from an illness or accident, regardless of where the injury or illness occurred.

Most Income Protection policies will pay up to 75% of your earnings and you can tailor your Income Protection Insurance policy with different waiting periods as well as choosing the benefit period of two years, five years, or up to age 65.  Income Protection Insurance policies can usually be extended to include optional life insurance, trauma insurance and TPD.

Income Protection Insurance policies can vary from company to company, not just in price, but features, benefits, options, flexibility and even definitions of the term disability.

A short term disability not only has a serious impact on your health but it can put a significant dent and strain on your finances.  Income Protection Insurance offers financial security and assistance when you need it the most.

Always seek advice from a financial planner or insurance broker before taking out Income Protection Insurance, as they will be able to advise you on the best package that suits your needs.

Advice warning disclaimer

More Information on Income Protection or Get Income Protection Insurance Quotes

More Information on Life Insurance or Get Life Insurance Quotes

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