Income protection insurance has grown over the last decade within the Australian market to become a well-known and important financial product.
Within the context of the Australian market, income protection insurance is a product that is designed to provide a financial payment for the policy holder, in the event that they are sick or injured for an extended period of time and are therefore unable to perform their normal work duties.
An insurance policy of this type can see a policy holder being able to be covered for up to 75% of their normal weekly wage.
Different policy types and options can also mean that Australian IP policy holders can continue to receive a benefit for an extended period of time. The actual period of time of coverage will vary from policy to policy.
If you are an Australian worker, be it a professional worker, tradesmen, business owner, or indeed just about any other profession, then it does pay to consider your situation and what sort of financial position you might find yourself in should you be unable to work for an extended period of time. For many persons considering an income protection insurance Australia policy, this can be a highly beneficial financial product to have.