Did you know that over 60% of Australians will be disabled for more than one month during their working life? Do you think you could continue with the lifestyle you lead now if you were injured or ill and could no longer work?

Income protection will cover up to 75% or more of your salary, and cover you and your family financially if your situation changes suddenly and you can no longer work.
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Most everyone around the world finds comfort in insurance. It never hurts to have a greater peace of mind. The deeper issue is that in certain communities, coverage simply isn’t available. In others, it’s expensive and challenging to get. Whether we’re talking about people over in the U.S. scrambling to figure out the new Obamacare system or people here in Australia considering options from providers like Suncorp, the principle is the same: people want a security net.
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Arlene Chandler is a freelance writer who enjoys helping others sort through their personal finances. She currently writes about Life Cover from Suncorp.

3 Factors that Will Make Your Life Insurance Premiums Rise

Choosing to invest in life insurance is a decision many people gravitate towards after they accrue a large amount of debt, get married, or, what seems to be the most common motivator, have children. However, while it would be nice to think that all life insurance premiums are equal for those who want to invest in a policy, that’s simply not the case. There are many factors that help insurance advisers determine what a premium will be on a case-by-case basis, and it’s good to inform yourself of what lifestyle habits and health issues you have that might make your premiums higher. Knowing what to expect makes investing in a life insurance policy much easier to plan for, and if you’re about to apply for your first one, here are a few factors that can make your premiums rise.
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What is an income protection policy?

Before looking specifically at income protection policies for farmers it makes sense to quickly look at exactly what this type of insurance policy provides the insured. In short, the person named on the policy can claim for a percentage of their income each month should they become unable to work due to illness or injury. There are of course limitations to every policy and criteria do have to be met before a claim can be made but when an illness or injury qualifies then up to 75% of the normal income from employment can be claimed on a policy.

Why Australian farmers need income protection

Farming is more than just a job, it’s a way of life. If you, as a farmer, become sick or injured to the extent that you can’t work your farm then everything grinds to a halt. You might miss your crop planting season, or you might be unable to harvest what you’ve grown and as a result you’ll struggle financially for years to come, literally.

In the short term, an income protection insurance policy can provide a guaranteed income to pay your bills and put food on the table. Long term though it can also pay to hire a farm labourer to complete the tasks you can’t because of your illness or injury. This way your crops get planted and harvested, your cattle get milked or taken to market and you don’t have to worry about your immediate future while you recuperate.
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Just the words “life insurance” can make many of us want to run for the exits! You might be picturing a grim insurance salesman dressed like an undertaker, predicting only doom and gloom. It’s perfectly understandable to want to put off thinking about insurance for yourself, but you might not know that there are actually a number of different policy types available, with many specifically designed to support you through recovery from serious life-changing events such as illness and serious injury.
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The twilight years can be the most exciting and rewarding of your life, and the last thing you want to deal with is the worry of becoming a financial burden to your family and loved ones in your later years and beyond, so life insurance is important to consider. You’ve spent your whole life paving the way for a comfortable retirement, but if tragedy occurs, then at least secure life insurance cover can help relieve some of the stress.
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If you are out shopping for a brand new insurance policy or are looking to trade up from an old one to a better deal then you’ll want to make sure that you choose not only the right company but also the right insurance advisor.

You have every right as a consumer to make the choices that you want and by making sure you ask the right questions you’ll have all the information you need to make an informed choice. Many insurance company host websites with a suite of services available even if you are not a client, such as the ability to check out life insurance quotes on their sites.
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There is insurance out there for cars, homes, health, and even life. However, the type of insurance that seems to be the most overlooked is the one that protects the security of maintaining your vehicles, health, house, and lifestyle habits in case of an unexpected accident. Income protection insurance is important to consider for anyone who works for a living.
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Asia is our lifeline, says insurer
ONE of the nation’s biggest life insurers, TAL, is working with its Japanese parent company to roll out its high-tech distribution model in Asia for the first time. “We would have the most advanced life-insurance market and model of anything in Asia. They have very traditional models — field forces of agents running around selling things to people.”

The future of life insurance
In the wake of the Financial Services Council’s (FSC’s) release of its Life Insurance Framework, Money Management recently joined with the Association of Financial Advisers to bring the industry’s leaders together and focus the debate on the future sustainability of the life insurance industry.

Tackling direct insurance head on
Participating in a life insurance panel discussion, Tim Ross, managing director, Ross Financial Group said that as online direct insurers are encroaching into the market, advisers must focus on fine tuning their value proposition in an effort to erase the competition.
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In most cases yes, many of us do not realise how affordable Life Insurance has become. The intention to sell your assets including your home and investments in the event you should die or become ill or injured should be a thing of the past.
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