Unlike life insurance, income cover pays benefits monthly, rather than as a lump sum. It is typically 75% of your income which is paid after a specified waiting period. A waiting period is a particular period of time you are willing to wait before you start to accrue your monthly benefits
Compare income protection insurance Australia wide
There have been a number of television and radio advertising of late surrounding this product. Before making any rash decisions on which policy to go with, be sure to do some research. Conducting adequate research will ensure you do not pay too much on your premiums, and that you have the best policy suited to your needs.
Some points to compare or decide on include:
* Premium cost
* Waiting periods
* Benefit periods
* Built in and optional benefits
* Clauses suited to your situation or occupation
* Agreed value and indemnity value definitions
* Promotional discounts
* Annual reviews
* Claims process and documentation needed
* Life insurance company rating
If after conducting your own research and you are still unsure which policy to go with, speak to your financial adviser.
Cheap income protection quotes are found online
The internet offers a vast array of information on income cover. You can compare a number of quotes and find the right policy for you.
Once you have compared and found a policy suited to your needs, you can also apply for cover online. You can view product disclosure statements (PDS’s) electronically and gain a better understanding of the options and clauses which may suit your situation.
Choosing to apply online or in person is a personal decision. However having said that, technology has come a long way and applying for cover online is often viewed as being both safe and convenient.
Should you compare income protection insurance?
Put simply, yes you should. Be sure to compare policies and quotes from companies in Australia. Also when conducting your research, be sure to read information on insurance products in Australia, not from the U.S or U.K. Foreign insurance products are different and do not apply to cover in Australia.
How you choose to compare policies and quotes is up to you. The main thing to remember is to ensure you conduct a thorough comparison. It can save you hundreds of dollars over the life of a policy.