Who Has The Best Income Protection Insurance Policy In Australia?
Income protection insurance has been available in Australia for a number of decades
. It pays up to 75% of your income if you become sick or injured for a period of time. Income insurance offers financial security by giving you funds to pay for living expenses and bills while you recover.In Australia, there is no such thing as the best 'income protection policy' as touted by a number of life insurance companies. There are only policies that may suit your particular situation and needs more so than others. This is because each life insurance company has different definitions, different products, and also because everyone's situation is different.
How do I decide on the best income protection insurance policy for my situation?
There are a number of factors you should consider to determine which policy is best for you.
1. Types of policies - there are two main types of policies. These include indemnity value , and agreed value income protection. An indemnity value policy is where you must prove your income at claim time. An agreed value policy is where you must prove your income at application time. There are pro's and con's in choosing either type, so be sure to speak to your financial adviser.
2. Waiting period - this is the amount of time you are willing to wait until your benefits begin to be paid. This period of time is typically 14 days, but can also be 30, 60, or 90 days.
3. Benefit period - this refers to the maximum amount of time you can receive your benefit payments. This length of time is usually 2 years, 5 years, or till age 65.
Should I get help in choosing the best income protection insurance policy for me?
In short, yes you should. Financial advisers can offer priceless information on income protection products in Australia. Getting help from a financial adviser can also help ensure you pay lower premiums without compromising on the quality of cover.
Financial advisers are found throughout Australia, whose businesses are conducted in person, online or over the phone. A financial adviser can help you shop around, compare like with like, and give you suggestion on which policies are best for your situation.
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