By Kieran Prideaux
Australia has a reputation of being one of the most underinsured countries in the developed world. Less than one third of Australians insure their ability to earn an income and yet 83 per cent don’t think twice about having car insurance.
Many believe the automatic income protection cover they may have in their superannuation is sufficient but it is estimated that almost half of Australians are underinsured to the tune of $1,000 a month.
Income Protection Insurance can provide up to 75 per cent of your income should you be unable to work.
The sooner you take out income protection cover, the lower the premiums because they are determined by age. Making the right choice on the type of premium can also reduce the cost.
The most important thing to have is the coverage – and whichever you choose, income protection premiums are generally tax deductible.
Choosing the right insurance cover is a personal matter and really needs sound professional advice. Taking a long-term view can really make a big difference, especially financially.
Prepare for your future. Contact Citycover today on (07) 3270 1500 to discuss your Income Protection needs or get a quote here.