Income Protection guarantees monthly income if you ever suffer an extended absence from work due to illness or accident.Income Protection Insurance is one of the most important insurance that can save you during your financial crisis.
Having income protection is a sensible precaution; after all, it helps you to overcome all your expenses if you are unable to work.
However, most people are still confused if income protection insurance is worth their money. Here are the five reasons why people resist getting an income protection quote.
Having Income Protection Is Not Important
Most of the people are unaware of the importance of income protection, they think paying for income protection is a waste of money, and it’s not that important.
We have the habit of taking our health for granted and assume it won’t happen to us, but we never know what life has for us.
Think, if you get struck by accident and cannot attend work then how you are going to take care of your family. If you get yourself covered with income protection policy, you will receive 50%-75% of your income even if you don’t attend work. Isn’t it a great deal? Imagine how the payout will help you cover all the expenses and maintain the family’s peace of mind.
Income Protection Is Too Expensive
Cost is one of the significant reasons why people resist getting an income protection quote. People say the cost of income protection premiums are really high, which most of the time is just a misconception.
To have secured future, it is essential to review your household income regularly, and make investments, not just saving or investing your income but it is also a good idea to protect your income, which is one of your most valuable assets.
However, it is difficult to invest a part of your income when you don’t know if you are will ever need it, but we all know better safe than sorry. It’s important to remember that when setting the income protection premiums, there are a lot of factors that can keep a lid on costs.
It Won’t Happen To Me
We suppose that we don’t need to have Income Protection Insurance because we are healthy and fit and don’t get sick. It’s natural to think if we are in good health now, our health is likely to be stable in the future.
It’s a common misconception that Income Protection Insurance is only for people who often fall sick or are prone to injury. We might be healthy and fit, but does that mean we will never get stricken by accident?
Even if we think we are immune from illness or accidents, the reality is we aren’t. Buying an income protection policy is one way to make sure we are financially covered during uncertainties.
ItWon’t Payout
This is the biggest fear of people, which stops them from buying income protection quote, which is also a false assumption.
The insurer will definitely payout if you have provided correct personal information and kept up-to-date with your monthly premiums.Your claim will be paid out if you are unable to work due to illness or injury, but still, you have to be aware of while buying an income protection cover.
There are a lot of insurance agencies in the market, but not everyone is trustworthy. To make sure your claim gets paid, be careful while choosing the insurance provider, check their ratings, and get insured with the best insurance providers in Australia.
Hassle Filling Out Forms and the Rest
Filling out forms and completing all the formalities can be a hassle, especially when you are busy with your work. Nowadays, many insurance providers are concerned about our time.
Applying for income protection quote online has been made easier and quicker. Most of the providers have user-friendly web sites that let you apply easily via the website.