8 Tips To Avoid Getting Bad Income Protection Insurance
Since there are many insurance companies in Australia that offer more than one type
of income protection insurance policy to buyers, many buyers often get confused as to which plan can best suit their needs. Listed below are 8 sure ways you can avoid making wrong decisons and getting bad income protection plans.#1 - Spend some time researching about income protection plans before buying one. Before investing money on income insurance, you should understand the characteristics of good and bad plans. Characteristics of a good income protection plan include a high insured amount, a short waiting period and an extended benefit period. Bad plans on the other hand offer only the most basic benefits, a low insured amount and have many limitations.
#2 - Compare income protection plans before purchasing - Before purchasing a plan, you should compare policies using insurance comparison websites. These are readily available onlineand usually user friendly. Complimentary comparison services are also offered by insurance agents' websites.
#3 - Identify and understand what you really need - By understanding your own needs you will be able to pick a plan that is ideal for you and your family. To understand your needs you should calculate your expenses and investments as well as mortgages if any.
#4 - Consult an expert - If you are buying income insurance for the first time then you should consult either an insurance agent or a financial expert who can help you make the right decision and who can help you understand which plan is best for you.
#5 - Concentrate on the benefits and not the cost - Although price is one of the main factor that determines which policy is to be chosen, buyers should remember that good plans often pay for themselves in no time. Buyers should not only opt for an insurance plan that provides quick claims settlements, but also for an insurance plan that offers one or more additional benefits such as the death benefit.
#6 - Customize the plan - Good income protection plans are flexible and may cost a little more than basic plans since it is customized to meet your financial requirements. Good plans have a flexible tenure, benefit and waiting period.
#7- Get maximum insurance coverage - Buyers in Australia can be insured up to 75% of their annual salary package and in addition they can also insure an additional 8% if the buyer has retirement benefits and certain other benefits as part of his package. By opting for the highest available insured amount, you can ensure that you and your family do not suffer when you cannot work temporarily due to illness or injury.
# 8 - Get a plan with a reasonable waiting period - Although it may be tempting to save money by waiting for an extra month or two after buying the insurance, you should remember to take into account your current financial situation before deciding on how many days you want to wait.
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