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It's not just people with mortgages who should think about getting income protection insurance; renters should too. Income protection can pay you up to 75% of your monthly income if you're forced to take some time off work due to an illness or injury. It means you can continue to pay your rent, plus all your other expenses, giving you time to focus on getting better.
If you rely on your income to pay bills and don't yet have income protection insurance, it's worth asking yourself these questions.
An adviser can help you find cover from trusted life insurance brands.
If you're still trying to wrap your head around income protection, it can be helpful to weigh up some of the pros and cons.
Yes. It's relatively easy to find cheap income protection insurance for renters. Renters are often younger, which generally means healthier. Both of those things equal cheaper premiums and more affordable income protection.
If you're young, you can take advantage of cheap level premiums (premiums that stay the same) and avoid stepped premiums (premiums which increase each year). Basically, the earlier you get income protection insurance, the more affordable it will be in the future. Even if you develop medical conditions as you get older, it won't affect the cost of your insurance. Just make sure you keep an eye out for level premiums and benefit from getting in now.
Aside from factors outside of your control – like your age, gender and occupation – which can affect the price of your premium, there are a few things you can do to get cheap income protection insurance.
Income insurance isn't just for people with mortgages; it's for anyone who relies on their income to pay the bills. Considering that more and more Australians are renting, you need to consider buying a policy to safeguard your financial future. Compare policies here.
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