Sydney, Australia -- (SBWIRE) -- 01/28/2015 -- Superhero Insurance has seen a huge increase in the number of people who are protecting their financial future through Income Protection Insurance. However, millions of single parents are failing to protect themselves financially in case of illness or injury. That means, if a single parent who has the sole responsibility to deal with home finances suffers an illness or is injured, there only income could be stopped. Superhero Insurance, the company that helps consumers find the best insurance cover at affordable prices through their Free insurance comparison tool, would like single parents to research how cost effective and important Income Protection Insurance is.

A single parent has many roles under their belts. As well as holding down a job, which could be a cook, cleaner, bookkeeper, driver, or even a doctor, they also have to take on many roles at home. Superhero Insurance has said, single parents need to pause and ponder for a moment, and think what would happen if they were injured or suffered an illness that kept them out off work. A spokesman for the insurance experts explained it is not just duties at work single parents have to think about, they also have to think about home duties.

Salary.com has estimated that working adults home duties alone are worth an estimated US $70,107 a year, (about $1348/week) for approximately 59 hours of work a week. (That's $88,528.68 AUD/year, and $1,702.46 AUD/week, respectively.) That's on top of their earnings and hours from work. If they get ill or injured, where are these desired dollars to be drawn from?

Many single parents are not aware of Income Protection Insurance while others feel without research that it could be expensive. That is why Superhero has launched an awareness campaign. They want single parents to understand the importance of this insurance cover and how cost-effective it can be. Superhero Insurance, who are helping consumers to save money on insurance products through their comparison tool, has put a page together on their site to give people more the correct information on Income Protection. (http://www.superheroinsurance.com.au/income-insurance-australia.html)

A spokesman for Superhero Insurance said: "A lot of single parents feel if they are injured or suffer from a serious illness, the government will take care of them. The government will certainly try. But just this past year it became much more difficult for people under 35 to claim any sort of disability pension. Many will be pushed down to "Newstart" – unemployment allowance – a drop of $170/week from disability. This change could cause single parents who have only one income, serious hardship."

Worker's compensation depends on the person being injured while on the job – it does not cover injuries sustained away from work or illnesses. Far too few know how much insurance through work will cover them for, and for which situations. If a person is self-employed, they may not be entitled to anything.

If a single parent has a mortgage and they are unable to work, this could result in them losing their home. According to reports, around 20% of mortgages are defaulted on due to illness or injury. This figure could be reduced through the protection of the insurance cover.

Single parents have a lot to deal with, on a personal level and a financial level. Those who do understand about Income Protection Insurance believe it is expensive. However, that is not the case. On average, it could cost $595 a year, and with that cover, if a single person did suffer from an illness or were injured, they would not need to worry about their financial commitments.

Superhero Insurance understands that insurance matters can be a minefield to understand, and that is why they have made sure their site is user-friendly and provides information in a language that people can understand. They strive to make insurance comparison-shopping easy and understandable.

With that in mind, they've launched their FREE 100% Online Quote Service. The Service allows consumers to gain a no-obligation quote. By using the free tool, they can save money by taking out an affordable policy instead of choosing the first policy they come across without checking the whole of the market for the best price.

To learn more about Income Protection Insurance and to use the Free Insurance Comparison tool, please visit http://www.superheroinsurance.com.au/income-insurance-australia.html

About Superhero Insurance
Superhero Insurance is 100% owned and operated by local professionals – independent of banking and financial institutions. The company was formed around the idea that DIY insurance shopping should be easy and understandable for every Australian. Superhero's insurance experts guide Australians through every stage of insurance – from the initial purchase right through to assisting with the claim process.

Media Contact:

Superhero Insurance superhero@parkhill.com.au
Level 14, 309 Kent Street, Sydney
http://www.superheroinsurance.com.au
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