Income protection insurance
is one way of helping you secure your income against the possibility of being out of work for an extended period of time, due to sickness or injury. However, it can offer far more than just standard income protection cover, as with many of the products available you can add optional extras for even more peace of mind.
The following options are generally available on the policies that Choosi can directly offer. Other policies may have different options to these, or similar options with different cover limits and other specific features.
A Rehabilitation Benefit is an additional benefit paid on top of your regular income protection benefit, to help cover the costs of getting you back to work. It can help not only with the cost of your rehabilitation program, but also any additional return-to-work costs, like special equipment or workplace modifications.
Depending on which product you select, this option is generally available if you choose a two year or five year benefit period.
Often, families rely not only on the income of the breadwinner, but also the domestic contributions of the homemaker to ensure a happy home. The Homemaker Insurance option covers your partner if they're unable to perform their usual domestic duties for more than 30 days due to sickness or injury. A Homemaker Benefit of either $500 or $1000 can be paid per month, for up to six months, to help cover the cost of domestic chores and keep your home running smoothly.
While we may not like the thought of our children getting seriously ill or dying, the Children's Insurance option provides cover for just such a possibility. Generally the cover provided through products on this site will provide cover if your child is aged between two to 17 years old and you can cover them for a range of serious injuries or illnesses. The children's benefit could start from $20,000 and up to $50,000 and can help you cover medical expenses and school tuition costs should your child be involved in an unfortunate event.
The Final Expenses option provides a benefit of $50,000 cash to help cover your funeral and other end-of-life costs. The benefit is paid to your family in the event of your death by accident or natural causes. This option is a thoughtful consideration towards your family, ensuring that you leave a legacy, rather than a financial burden, behind when you pass on.
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With so many options and benefits to choose from, income protection insurance should be a consideration for you to secure your financial future and peace of mind.
These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.