Facts Behind Common Myths on Income Protection Insurance

Insurance products are complicated and not easy to understand. This explains why insurance brokers are useful because they educate consumers about their options. One of the lesser known types of insurance is income protection Brisbane has to offer. The fact that there are a lot of myths surrounding this type of insurance does not help either. It makes things more complicated that can cloud the judgment of consumers trying to look for the best fit for their needs. If you are going to shop for insurance to protect your income, here are 5 myths and the facts behind them.
It’s a Waste of Money
This is a common myth with a lot of insurance policies but is probably most applicable to income protection Brisbane has to offer. When it comes to health, you will most likely feel vulnerable and want to get insured. But income protection does not get that same level of attention and sense of urgency. Hence, most consumers overlook the fact that it can be used to cover for loan or debt payments, to cover for your basic and necessary expenses, or to provide financial support to your family for a short-term period.
It is Not Applicable to Self-Employed Individuals
If you run your own business or you’re a professional offering services, you might think that income protection insurance is unnecessary. However, this is actually when you need income protection the most. The process of obtaining insurance will be different though since your income might not be fixed. You have to provide proper documentation to support your income and review your policy to ensure that you get the right coverage for your needs.
It Doesn’t Pay Out
As a policyholder of income protection Brisbane has today, you need to be diligent when paying your monthly premiums. If you are truthful about declaring your information, then you will find it easy to claim your payout from the policy. You can verify with the insurance provider as most of them offer claim statistics on their website or in their office upon request.
It’s Unnecessary
Like all other types of insurance, you don’t think you need it until you actually need it. When you are receiving benefits from your current employment, it is easy to overlook the benefits that income protection insurance has to offer. But with the unstable economy, a lot of people are being laid off from their jobs. You need this insurance to protect you in case you get laid off from your job and do not have any other sources of income.
It’s Expensive
The cost of income protection will vary based on the same factors used for assessing your policy in any other insurance. Your lifestyle and health conditions will be taken into account. Age can also be a factor. Hence, there are some aspects of it that you can control to ensure that you can get the insurance at a reasonably priced premium. For example, you can maintain a healthy lifestyle wherein you do not smoke or engage in any vices. The sooner you can get started with obtaining this insurance, the better!  Find out more here: http://www.theinsurancequoter.com.au/

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