I have been reading up on various insurance packages recently and this income protection insurance offered by TOWER Australia Ltd. to Australian adults is something I feel that all breadwinners should have.
As the breadwinner of the family, I worry that my family would be left in a lurch should I no longer be able to support them. My friend once asked me why my family is so dependent on me and how long they can continue with the savings that I have should I no longer be able to provide for them, either because of illness, accident or death. Of course this isn't something that anyone likes to think about but then the saying that "if you fail to plan, you plan to fail" is very true.
This income protection plan is the first one offered in Australia that offers protection over the telephone and online. It is available to almost every working person up to a maximum payout of AUD5,000 per month, but the level of protection differs, even though both the employed and self-employed qualify, protecting up to 75% of income.
Although income protection is not new, this one has low cover and does not require medical examination, though like most insurance, it is the responsibility of the insured to inform the insurance company of preexisting medical condition, if any.
As the breadwinner of the family, I worry that my family would be left in a lurch should I no longer be able to support them. My friend once asked me why my family is so dependent on me and how long they can continue with the savings that I have should I no longer be able to provide for them, either because of illness, accident or death. Of course this isn't something that anyone likes to think about but then the saying that "if you fail to plan, you plan to fail" is very true.
This income protection plan is the first one offered in Australia that offers protection over the telephone and online. It is available to almost every working person up to a maximum payout of AUD5,000 per month, but the level of protection differs, even though both the employed and self-employed qualify, protecting up to 75% of income.
Although income protection is not new, this one has low cover and does not require medical examination, though like most insurance, it is the responsibility of the insured to inform the insurance company of preexisting medical condition, if any.
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