Home » Ezicover Income Protection Insurance
Ezicover Income Protection Insurance
The income you get when you can't earn an income - Peace of mind if you can't work due to sickness or injury.
Why do I need Ezicover Income Replacement?
Most people have 2 remuneration options... it's just that they don't know it!
Option 1
The standard position
(without Ezicover Income Replacement) |
Option 2
The alternative remuneration position
(with Ezicover Income Replacement) |
You receive 100% of your income while you are well and able to work.
If you are unable to work due to sickness or injury, other than sick leave you receive 0% of your income (assuming no investment or other income is available to you). |
You receive 98% of your income while you are well and able to work because you spend around 2% of your income to fund Income Replacement Insurance.1
If you are unable to work due to sickness or injury, you receive up to 75% of your income (after the waiting period).
This option allows you to plan to be in control, maintain lifestyle, support yourself and your family and meet your obligations.
1 Your premium will depend on your occupation, health, age, gender as well as the waiting period and benefit period you select. |
Ezicover Income Replacement - Benefits at a glance
- Helps provide financial protection and security for you and your family
- Premiums generally tax-deductible
- Best suited for incomes between $24,000 and $56,000+
- Simple application process
- Available to those between the ages of 19 and 57
What is Income Protection Insurance?
Income Protection Insurance helps replace your lost income if you are unable to work due to sickness or injury, helping to ensure that you can continue to meet your financial commitments by providing regular monthly benefit payments. You can get income protection insurance for up to 75% of your regular income, and superannuation contributions of up to 9%.
Premiums are generally tax-deductible. Income protection generally has a waiting period of up to 30 days however Insurance Kings is able to source income protection policies that will pay you from day 1 in the event of an accident. Income protection also has what is called a benefit period and this is the period of time that the policy will generally pay for.
This can range from 1 year all the way up to age 65 depending on your occupation. Income protection insurance is a necessity for every household especially the self employed. Most people believe that there home and other properties are their biggest asset when in fact their biggest asset is generally their ability to produce an income. You insure your house and car don’t you?? So why not insure your income??
Why choose Insurance Kings for my Income Protection Insurance needs?
Insurance Kings is an independent and Australian owned company so you can be assured that we will find you the best possible Income Protection Insurance policy that is right for you and your families needs. So no matter what your occupation if there is cover available we will find it.
At Insurance Kings we deal with almost every insurer in Australia and will be able to combine your income protection policy with your life insurance, Total and permanent disablement insurance and trauma or crisis insurance saving you money on individual policy fees. So instead of trying to research the many products that are available yourself why not pick up the phone and leave it to the professionals. We will do all of the running around for you!
Why income protection is important to contractors
Contractors definitely enjoy their perks but they unfortunately don't enjoy some of the benefits of full-time, permanent employees. While permanent employees are guaranteed a limited amount of pay if they become ill or injured, contractors are guaranteed no such luxury. Because of this, it's important that contractors take measures to protect themselves from financial loss if they find themselves in the position of being unable to work.
If you're a contractor and you're looking for a way to mitigate the risk of financial loss due to injury or illness, income protection may be just what you're looking for. By putting aside a little money each month and paying it towards an income protection premium, you can protect yourself in the event that you are suddenly unable to work.
Income protection can protect up to seventy five percent of your income in the event of a long-term injury or illness. While you may think seventy five percent of your income isn't enough, you would be surprised at how many things you can cut back on if you find yourself unable to work. Imagine if it wasn't seventy five percent. Imagine if it was zero. What would you do then? Who would pay your bills? While seventy five percent may not be ideal, it is much, much better than receiving nothing at all.
When you decide to take out income protection, you'll need to determine a waiting period. This is the period of time that it will take before your income protection benefits kick in. For example, if you choose a waiting period of one year, you will need to be out of work for a year before benefits will kick in. As a contractor without sick pay, you might not be able to afford to be without income for an entire year. The shorter the waiting period, the higher your premium will be. However, if you could not afford to be out of work for more than a month, a one-month waiting period may be your best option.
A further consideration to make before selecting an income protection provider is their past claims history. How well is their track record in paying out claims? Being a contractor who is unable to work, the last thing you want is a delay in the processing of your claim if you need your policy to protect you financially. Your insurance broker should be able to help direct you to companies that work well with contractors, process claims quickly and offer great service, enabling you to make a wise decision.
|
