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As a single parent, a lot rests on your shoulders to provide for your family. So if you were suddenly unable to work due to an illness or injury, how would you cope? Income protection insurance is income replacement for just those events. It means that if you can't work, you will continue to receive up to 85% of your income. So you can focus on your family and your recovery, instead of worrying about paying the bills.
Single parents understandably face a lot of added pressure to ensure their families are provided for. Having income protection is an added safeguard that can help relieve some of the stress about what could happen if you suddenly couldn't work. Here are some of the reasons you should consider taking out a policy:
Weighing up the advantages and disadvantages of income protection insurance for single parents can be a helpful way of deciding if it's worth it for you.
Pros
Cons
Yes. Cheap income insurance is available – you can find out more about it here. Some of the ways you can keep it affordable include the following:
Income protection isn't the only type of insurance worth considering if you have others depending on you. Consider the following insurance types:
Income protection insurance for single parents can provide peace of mind and financial security. With just the one income to support your family, it just makes sense to cover yourself. To find out more, you can speak directly to an insurance adviser by filling out the form below.
An adviser can help you find cover from trusted life insurance brands.
No. It's for anyone who relies on their income to pay the bills and everyday living expenses, from school fees to car insurance and rent.
It's possible to get income insurance that covers involuntary redundancy. However, you'll have to pay extra for it and it depends on the job you have. You can't get cover if you simply quit or are fired.
Because income protection payments are considered a form of income, they can reduce your Centrelink payments.
Picture: GettyImages
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