Having income protection insurance ensures that in the event that you are unable to work due to illness or injury, you will be temporarily covered. Normally, income protection provides you with a maximum of 75 percent of your income to take care of your daily living expenses. These payments will continue up to the time you are able to resume work. You may also get payment up to the stipulated time that is indicated in your policy.
Cost Of Income Protection
Before committing to a specific insurance provider to offer you income protection insurance, compare prices among different providers so you can settle on a policy that is best suited for your needs. The cost of your income protection insurance will be determined by several factors. Your age, lifestyle habits like smoking, and the risks attached with your occupation; these are all issues that will affect the cost of your policy. The amount of premiums that you will pay will be determined by the benefit period, the waiting period and the type of policy you have, whether agreed or indemnity.
Requesting For Quotes
To get a good picture of what the market has on offer for income protection insurance, compare prices of various insurance providers by getting different quotes. You can decide to call your preferred insurance company who will take your details and send you a quote of how much it will cost you to have the insurance cover.
You can also decide to get online quotes. This is a convenient and fast way of getting several quotes from the comfort of your home or office. You can then compare the different prices offered and settle on the policy that is most suited for you.
To get an online quote, you need to visit the insurance provider's website, where you will be requested to fill in a form with your details. These details include your date of birth, gender, smoking history, your occupation and your pretax income for the past 12 months. You will then get a quote giving you the details of your tailor-made insurance policy. You will also be given the option to choose the monthly benefit that you prefer within a certain range. With your preferred monthly benefit, the quote will then show you how much your monthly premiums are likely to be.
If you are happy with the quote, you can now apply for the insurance policy that has been quoted.
The most convenient way of getting several quotes at once is by using licensed insurance broker websites. Once you enter all the details required, a list of several quotes by different providers is displayed for your income protection insurance. Compare the prices of different providers so you can settle on the policy that will best address your needs. This method is much faster as you avoid re-entering your details in different insurance providers' websites. It also saves on time as you only enter your details once and several quotes are generated simultaneously. Once you get the insurance policy you are comfortable with, you can go ahead and apply for the policy from the broker's website, or you can contact the insurance provider directly.
Kerrie Peacock evaluates the insurance needs of various age groups and reveals the expected benefits of different insurance products, visit www.mecovered.com.au/income-protection-insurance-compare-prices for more information.