Income Protection Insurance in Australia

No matter where you are in the world income protection insurance is important to ensure that your income is never jeopardised. We can’t predict the future of a given job or company that you are working for and in some cases you might end up without a job and almost no notice or warning at all. Your boss could be hiding the fact that the company is not doing so well and you could walk in to work one day and find that you and whole bunch of other people have been sacked. When times are tough, business has to be tougher if it is going to survive the rough patch.

Your company will feel bad about letting you go and they will often try to compensate you for the retrenchment but you will still need income protection insurance Australia before you can cover yourself properly for that kind of loss in income. Australians are currently experiencing a good growth in their economy and many businesses are booming because of it, but that still doesn’t detract from the possibility that that there are still some people that are at risk of losing their jobs. Positions become obsolete due to technological changes that take place, rising costs could mean that the company has to cut back on those costs in order to trim the business down a little bit. When that happens, the staff are often the first to go along with all the unnecessary extra costs that the company usually splashes out on because they could afford it. Suddenly paper and printing ink becomes a rare commodity and you have to stop using paper and printing as often as possible. These are all signs that the company wants to cut costs and if it means not paying unnecessary salaries or cutting some older staff so you can replace them with cheaper and younger staff members are all viable reasons for you to take out the cover. The moment you start to see the boat rocking a little bit, you either need to jump ship or make sure you have a life raft in case the ship goes down. Jumping ship isn’t always the best course of action because it looks bad on your CV and when a new employer asks why you left, you will need to give them a much better answer than a jumpy ship.

So make sure you take a look at your existing policies and see if there is any cover for you in the event that you lose your job. If you have none, then you need to contact a financial broker or consultant.

The author of this article, Jaxon Kelly, is a full-time author on the subject of Insurance firms, income protection insurance Australia. Also, he has a particular interest in life insurance planning and write on income protection Australia. On behalf of several web sites owners he spends most of his time writing contents for web publication for life insurance quotes in return.

Short video from ONS explaining how household income after inflation was impacted by the recent recession. It also looks at the contributions to household in…
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