It can never be stressed enough that covering yourself for any shortfalls in income is important. If you neglect to do so, then you could end up in a tough situation that is tough to get out of. As a provider for the family, each and every member of your household falls under your responsibility financially and if you are unable to provide that, then there could be a few problems for the whole family a little further down the road. That is only if you have provisioned for a shortfall and you have money saved away to help get you get by for a while. Without a nest egg to keep you afloat until you are earning again, things become difficult right away.
Fortunately, you can take out insurance that will cover you for such an event and you can find a company that does it by searching income protection Australia.
It will give you a localised search of your specific country and you can start to contact each of the places that offer the service. You can get quotes and compare the monthly contributions that have to be made against all the benefits that are included in your cover. Each company has different benefits that will affect how well you are covered and what you are covered for. It also affects how much you have to pay each month because those benefits effectively increase the risk for the financial company that is offering you the cover. The greater your risk, the more you are forced to pay with these insurance companies and the only reason for that is because a greater risk means there is more likelihood of paying out for claims. That would essentially result in big financial losses if they had to pay out constantly. The only way these companies are able to stay profitable is by managing the finances really well and ensuring there is always enough money available to cover any claims. As long as they can meet their short term cash demands, these companies will be able to stay in business and stay profitable.
So what you really need to look at when you take out a policy is the benefit period and the benefit amount. You will often find a standard 75% option where only 75% of your monthly income is paid out over a period of 3 to 6 months. You also need to check the benefit period to see how much time you have after you get retrenched, some insurer actually let you choose how long you want cover for.