QMCW

Most people take out life insurance, health insurance, accident insurance and other insurance policies and consider income protection plan as optional. Nothing can be far from truth, the truth is anyone who is earning over $20,000 in yearly income has children or other dependants or has mortgage loans, and credit card payments etc should take income protection plan. click here to know whether or not you should be taking income protection insurance for self and family.

One of the biggest reasons is so that the education of your children is not affected because you are unable to work temporarily. You may be out of work due to severe illness or accidents and injuries and the leave and other benefits you have will wear out in a matter of days or weeks. If you are down and out of work for months or years (a couple at the max of course) the rest of the months would go without salary and your recovery will be hampered by the continuous tension of increasing financial debts and other troubles. Not to mention your family members will bear the brunt of your ill health / accident, the financial issues and their own problems.

Considering the current Australian economy financial future for most people has become unpredictable. However income protection plan does not cover unemployment due to reasons other than illness or accident (for example retrenchment and other reasons). There are specific policies for these, click here to know more about income protection insurance for the unemployed.