Benefits of Income Protection Insurance for Teachers - Receive Quotes for Cover and Apply Today
If you are a teacher you'll be pleased to know that you can guarantee your ability to earn an income, in the event of illness or injury. Income protection insurance provides much needed support in the event that you are forced to take months, even years off work due to a serious illness or injury.
How does it actually work?
Income protection provides an ongoing payment, usually provided monthly, of 75% of your regular income. This benefit can be used to help ensure you don't experience financial hardship by covering any rehabilitation expenses, everyday living expenses, mortgage or rent repayments etc.
Read on to learn more of the benefits of income protection for teachers or enter your details in the form below to receive a quote for cover.
Compare income protection quotes from these direct brands
Income Protection is for Employees and Self-employed Teachers
Income protection for teachers can save you all this anguish and keep your savings intact at the same time.
If you are ill or injured and unable to teach you'll receive a monthly benefit equal to 75% of your average monthly income. Benefit periods can be anywhere from a few months to a couple of years and as long as you've kept up with the premiums payments you'll be covered.
A cover such as this can also have a premium waiver feature included meaning you will not have to pay any further premiums while you are receiving benefits. Once you are back at work again your cover will be fully restored and you will then have to resume paying the ongoing premiums. Income protection insurance is vitally important to keep your earning capacity intact even when you are unable to leave your bed owing to a serious illness or injury.
Choosing the Right Income Protection Policy
As in other income protection policies you have to choose:
- The waiting period
Some insurers insist on a minimum waiting period of two weeks others could require four weeks, but the actual length of the waiting period over and above the minimum will depend on yourself. Your choice will depend on your personal financial situation such as how long you will receive sickness benefits from your employer, if you have one, or how much money you have put aside in a savings account for this very purpose. It is a good idea to have your benefits begin as your sick pay finishes. The longer you can put off receiving benefits the lower will be your premium costs.
- Benefit period
This could be for two or five years, even right through to retirement at 65 if you want it to go that long. The longer you require benefits to be paid the dearer the premium cost every month. When deciding on this aspect of your income protection policy you need to keep in mind that after you have made a successful claim, once you return back to work you are once again covered, even if the cause of the original claim keeps recurring.
Like most occupations, teachers be in good health to successfully carry out their role. Income protection can provide critical support not only for injury or illness that might happen in the workplace but at home, out on the sports field, driving to work, overseas on vacation etc. You can make an enquiry in the form above to receive a quote with an adviser and discuss different policies available on the Australian market.