Unexpected illness or injury can cause another kind of disaster to you and your family on top of the strain of your medical recovery. The possibility of being unable to work and provide for your family raises a lot anxiety. Add to that the predictions of a second global financial crisis, protecting yourself from unemployment could lessen the fear and worry of such uncertainties.

Income Protection Insurance covers up to 75% of your income if you have become incapable of earning a regular income. Claims on benefits are paid after your disability is duly proven, and you are unable to perform a job based on your training and education. Income Protection Insurance basically covers the following:

• Mortgage payment
• Credit Card payment
• Utility bills payment
• Daily living expenses
• Medical and rehabilitation costs
• Business maintenance cost

Income Protection Insurance is tailored to meet specific risk profiles based on your occupation. Hence, each cover can vary from person to person. A good Income protection Insurance Policy offers flexible options based on your budget and needs.

Income protection has two types of options or cover available. The first one is an Indemnity Value Income Protection where the payment of your benefit is based on the salary you declared upon enrolment. However, the downside to this is that when your present salary is lower than when you first enrolled, you will be paid based on what you earn at present.

The second type of cover is the agreed Value Income Protection where you have to prove your income upon enrolment. Its premiums can also be much higher by 20% than the indemnity value. The advantage, however, is that you are sure how much you will receive regardless of the changes in your income.

Zurich Income Protection Insurance Products

One of the flexible income protection insurance available in the market nowadays is the Zurich Income Protection Insurance. It offers three types of Income Protection which you can choose from according to your budget.

Income Protection Standard

This Income Protection product from Zurich pays you 75% of your monthly income as a lump sum in case you become too sick or seriously injured making you unable to work for a certain period of time. This has two types of cover – agreed value and indemnity value.

Some of the features of this type of Income Protection are Spouse Cover, an Accident Option which extends your cover after you received the claim, a Funeral Benefit which pays you three times your monthly benefit to help cover funeral expenses.

Income Replacement Comprehensive

It entitles you to have the similar benefits of the standard Package with other extra benefits.

Some of those extra benefits include Day One Partial Benefit and Interim Cover which gives you cover for as soon as you apply, Confined to Bed and Special Care benefits cover you if you need special care and really need bed confinement. Lastly, there is also the Rehabilitation Benefit to help you pay any extra medical and rehabilitation cost.

Income Replacement Premier

The Income Replacement Premier provides unlimited cover which extends until you are 70 and pays you 75% of your total monthly income. It has a range of additional features for you and your family.

In case you have been injured, it has a Trauma Benefit which pays you if you suffer from any trauma listed in the policy. It also has a Rehabilitation Benefit which helps you pay for any rehabilitation programs and expenses towards your recovery.

In case of death, there is the Death Benefit and Funeral which pays you up to three times the amount of your monthly benefit to help you pay for funeral expenses and other financial obligations of the insured. It also has a Family Support Benefit which pays your spouse a benefit of up to 12 months in the event of your death.

Why Zurich Income Protection Insurance?

If you are the breadwinner, your family depends on your income. That is why it is important to choose the best Income Protection package which complements all your needs. Zurich Income Protection Insurance can be for you on the following counts:

• Zurich has been providing services to millions of Australians for over 80 years. It has offered a flexible and wide range of personal risk solutions for you and your family’s security.
• It has competitive premiums considering the reliability and history of the company. It has continued to provide options which can be tailored according to your finances.
• The premiums are indexed against inflation. You don’t need to worry whether your benefits are enough or not, because they are automatically increased every year in line with the Consumer Price Index.
• It also has a 24/7 worldwide cover. This would put your mind at ease when you travel or has to work overseas.
• It has a convenient monthly premium payment which is not hard on your pocket.

Wherever you go, the Zurich Income Protection Insurance provides cover for you and your family whenever you need it. By getting it, you are protecting one of your most important and biggest asset – your income.