When it comes to protecting your assets and your family, you want to make the best choices.
There are lots of things to weigh up, so let’s start with the basics. When it comes to choosing income protection insurance, or deciding whether to keep the policy you already have, the most important things to think about are:
How much can I afford to pay in premiums?
How much will I need each week to live on?
It can be tempting to go for a cheap option, and whilst lower premiums are attractive - chances are you’ll get what you pay for. The end result may be a shortfall in funds when you can least afford it. You could also end up with fewer inclusions and situations being covered, a much smaller payout, or a shorter period of cover before your payments are cut off.
When it comes to income insurance a little bit of planning and research can go a long way.
Carefully check the terms and conditions on policies, and also the way the key terms of each policy are defined. Sometimes the really important bits – such as exclusions – are buried in the fine print. The first things to look at when you’re comparing income protection insurance, however, are the basics:
|INSURANCE CHECKLIST ITEMS||INSURANCELINE||NOTES|
|Percentage of income paid out||What percentage of your monthly income could you realistically live on? If your insurance doesn’t match your needs, it is not ideal.||Our income insurance provides up to 85% of your income.|
|Upper limit of payout per month||Some insurers place a limit for high-income earners.||Our monthly payout can be as high as $10,000 per month.|
|Required medical exams||Is your income insurance reduced due to pre-existing or ongoing health conditions?||Our timesaver option means that you can be covered in minutes, without having to answer any lifestyle or health-related questions at the time of your application as pre-existing medical conditions aren’t covered.|
|Claiming process||A transparent and quick claiming process is crucial when it comes to getting your payout without added stress or waiting.||We ask that you complete a claim form and send it to us with supporting materials such as your most recent payslips as soon as you can.|
|Additional benefits||Are there services provided in addition to insurance? What is the customer service like?||We offer flexible payment plans and exceptional customer service, as well as a 30 day money back guarantee.|
|Pre-existing medical condition||Does the policy cover you for a pre-existing medical condition?||Our Rate Saver option will give you cover options for your needs|
If you would like to talk to us about income protection insurance, we’re here 12 hours a day, 5 days a week. Give us a call on 13 77 87.