What If You Are Not Sick Or Injured But Lose Your Job?
Many financial advisers will always tell you to put aside some cash for a rainy day, particularly when you are in gainful employment. They advise to have at least 3 to 6 months worth of your monthly salary in your savings account to tide you over in case you lose your job or cannot work for one reason or another. This is always a good idea but in most cases, unless you are earning a super salary with unbelievable benefits from your employer, you might not have such a nest egg stashed somewhere.
Available Options in Income Protection Insurance Australia
If you fall in the category of losing your job through no fault of your own outside of an injury or illness, there are available options in the income protection insurance Australia that you can take to help you remain on your feet before a new job opportunity arises. Insurance companies are aware that such circumstances happen and will always help you to get the right income protection insurance that covers your specific loss of work situation.
Income Protection Insurance Redundancy
This kind of income protection package will not only cover you when you become redundant due to illness or injury but also when you cannot work due to other factors such as your company closing down due to economic turmoil or cut backs.