Young people who have just started working their first jobs or are a few years into it seldom think about protecting their income. For people in their 20’s, income protection might seem like a stretch as they are still unaware of the uncertainties that are about to face as they go on with their professional lives. The current state of the national or global economy indicates the unreliability of modern jobs, which can be taken away at any time on vague grounds. Employees need to stay on guard to protect their jobs in case of adversities like sudden mass layoffs.

It is more important than even for young people who are getting started witht heir careers to get income protection insurance to remain protected at all times. Granted, being young means you are less likely to have your job affected by your health, but on the flip side it means that you have to pay a lower premium. It is a better investment than car insurance and can provide long-time benefits which should not be overlooked.

Benefits of income protection insurance for young people

Financial independence
One of the top priorities of young people who start working is to achieve financial independence that they have been striving for. But maintaining it can be difficult if they are unable to work for extended periods of time. Paying rent and monthly bills can bear heavy on limited savings and ultimately force people into getting the help of their family or friends. Income protection insurance can provide a monthly benefit of 75% of the monthly income of the insurer, which can be enough to get by without relying on others.

It’s cheaper
Buying income protection insurance while young has the added benefit of getting it cheaper. The price of the premium can be lowered if the individual has no pre-existing medical conditions. Investing in it while this option is available can be a great decision that can keep the insurer protected for a long time.

It can be tax deductible
Income protection premiums can be used to claim tax deductions, unlike other policies that compensate for physical injuries or wher the policy is taken out of the supernnuation of the insurer.

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