subject: Who To Call When Getting Income Protection Insurance [print this page] Before learning about who to call when getting income protection insurance, it is important to know what is income protection insurance. This type of insurance is offered to people who earn $20,000 or more every year. The main benefit of buying an income insurance policy is that the policy holder gets financial protection from the insurance company when he cannot work temporarily due to health problems such as injuries. Depending on the selected policy, the policy holder may also be eligible to get financial protection if he is temporarily unemployed or retrenched.
Buyers who want to purchase income insurance should know that they will be given an option to insure up to 75% of their annual gross income and the insured amount is tax deductible. Buyers may also be given an option to insure an additional 8% of their income only if they have certain benefits as part of their salary package.
Before getting income insurance the buyer should call either a financial advisor who will help the buyer understand how much to insure his income for and which benefits to opt for. Alternately the buyer can also call a reputed insurance agent who is known to provide sound advice to potential buyers. There are many insurance agents who offer free advice to potential buyers and these insurance agents usually have websites through which they can be contacted.
While selecting an insurance policy the buyer should call the company he plans to buy the policy from. The buyer can either buy the policy directly from an insurance company or from an insurance agent. The main benefit of opting for the services of an insurance agent is that, insurance agents offer discounts, deals and promotional offers through which buyers can save a significant amount of money while buying the policy. Some agents also offer cash backs, rebates and similar offers through which buyers can save money even after getting a policy.
Before purchasing the income protection policy and while talking to the insurance agent, buyers should clear all their doubts, ask questions and ensure that the selected policy is ideal for them. Buyers should find out if the selected policy has any hidden costs or any terms that are not acceptable. Buyers should also enquire about policies that offer perks for no additional cost such as a death benefit or surgery benefits. These days, many income protection plans are flexible which means that the buyer has the power to choose when he wants to pay premiums, how he wants to pay premiums, how long he wants to wait before getting the first payment and how long he wants to enjoy the benefits of the selected policy.
by: Brent Ford
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