Common Myths About Income Protection

Common Myths About Income Protection

Today, there are many insurance policies that are sold to people. It’s not an easy task to understand the jargons and process of buying insurance. On the other hand, some may get caught up to wrong selection. As a result, they start doubting these services and withdraw the idea of applying for a policy. On the other hand, individuals have spread many rumours regarding income protection insurances. Therefore, more and more clients are reluctant to visit an insurance company for their services. So, it’s important to dissolve these myths and false facts that are spreading quickly.

What are your views about income protection policies? Are you reluctant to apply for it, because of some false news, provided by someone? You must have read an article or post online and misunderstood the statement. Here are some common myths that people believe and that needs to be corrected:

1.    Don’t waste your money on this useless policies

When people start searching through and compare life insurance quotes online policies read them, they might come across these statements. Specially, if you’re not well, you might not be able to report to work. However, these policies help you to deal with expenses, repayments and many other costs you have to bear.

2.    Companies don’t pay back

If you have been paying your premiums in proper due dates, you wouldn’t have to face such situations. There are many who don’t keep up with the payment and don’t get the benefit of the claim. Therefore, they spread word that companies don’t pay back, which should be dismissed.

3.    The process to apply is too lengthy

Another myth that is widely circulating and discouraging many who are keen in applying for this, is regarding the application process. This isn’t true due to the wide range of facilities offered by the Internet. The process is much faster, efficient and customer friendly. Therefore, you could compare income protection and decide on a policy and buy it.   

4.    Self-employed individuals aren’t entitled to this facility

Are you self-employed? For instance are you freelancing for a client or clients? Majorities are under the impression that, they aren’t able to apply if they are self-employed. However, with the proper documentation, you are eligible to buy an income protection plan.

Are you caught up with one of these misguiding facts? It’s about time to get away from it and apply for an income protection policy. If you’re friend or colleague holds the same view, make sure that you pass these facts to them as well. As a fact, the more people are being aware about it, the faster these myths would die out. For more info about income protection insurance Australia, visit this site

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