Think about a situation where you are suddenly out of employment and the resulting effects not just on you but your family as well. The sheer financial strain you would have to endure can have a very negative effect on any family relationship. That is why having an income protection cover is of utmost importance for you, since you will have a temporary reprieve as you look forward to getting back to work.
What Is Income Protection?
Income protection is an insurance policy that offers you up to 75 per cent of your income in the event that you are unable to work due to illness, injury or major trauma. Payment of the benefit is done monthly and continues until you are able to resume work. In the event that you are unable to return to work, you will receive financial benefits until you reach the age of 65. However, this depends on your current occupation. There are very many insurance providers who offer this policy and it is important to make an income protection comparison so you can identify the best policy available in the market for you.
Getting the right information on the income protection policies available in the market is important so you can make the right decision when selecting a specific cover. One of the ways you can make an income protection comparison by getting quotes from different insurance companies, which you can then use to identify a policy that is suitable for you. You can then call the insurance providers of your choice, give them your details and they will send you quotes for you to compare.
A very convenient way of comparing different policies is by getting online quotes. You can do this by visiting the various insurance provider websites on which you fill in a form with your details. Once you submit the form, you will get a quote giving you details of the insurance policy the provider is willing to offer you.
There are also websites owned by insurance brokers that allow you to compare several insurance policy options from different providers simultaneously. Once you visit such a website, all you need to do is enter the required information in the form provided; they will generate several quotes from different companies. It is then up to you to make an income protection comparison. Insurance providers offer different policies, so it is important to go through the product disclosure statements to understand what each provider is offering.
Tailoring Your Income Protection
There are a few factors that can make your income protection cover work very well for you. Selecting a waiting period that is convenient for you is important; this is the time during which you will not receive any benefit after you are out of employment. However, note that the shorter the waiting period, the more you will have to pay for your premiums. The benefit period, which is how long you will be paid the benefit, is also critical. You will also need to select the right type of policy, whether indemnity or agreed value.
Kerrie Peacock possesses long term experience working in the Australian personal insurance industry. She understands the varied needs of different policy holders and how to select the most suitable products. You can visit www.mecovered.com.au/income-protection-comparison-australia to help you select the best coverage.