Where to start when looking for income protection insurance

Andrew Mo Published June 9, 2020

Have you started thinking about income protection insurance? With all this uncertainty in the economy at the moment, you’re not alone. In fact, you should be doing more than just thinking about it, you should be taking action now to make sure you’re covered against sicknesses and accidents that prevent you from earning an income.

Fortunately, you’ve clicked through to the right place! We pride ourselves on being experts in insurance with almost 15 years in the industry. We have helped many Australians like yourself in finding an income protection policy that meets their requirements.

Whether you’re looking for some income protection insurance for the first time or wanting to switch to a new insurance provider you’ve probably asked yourself this question – “Where do I start?”. It seems simple enough but you’ll quickly find that there is an abundance of options to choose from. This will invariably lead to you asking yourself – “What is the best?”.

A few things you need to consider before applying for an income protection insurance policy.

  • Are you employed full-time by a company? Or are you self-employed or a small business owner?
  • How much sick leave or annual leave do you have?
  • How many dependents do you have that rely on your salary?
  • Do you have a car loan or mortgage and other such debts?

Here’s where it gets challenging because a lot of the advice you receive from your family and friends could be wrong as they are likely to be thinking in terms of their insurance policies which would only account for their circumstances. In order to find an income protection policy for your requirements, you should consider talking to a specialist to help you understand, you options and how you can use the policy features to your advantage.

This information could include:

  • Age
  • Gender
  • Occupation
  • Type of income
  • Medical history

This is where we can help! In addition to taking you through the options that would be available to you for your context we will also guide you on how to compare the policies to help you make an informed decision. We can step you through your how to calculate your monthly benefit, what some of the built in benefits are, how the policy can protect your income  and then your payment options of stepped or level premiums. We will also be able to answer any questions on waiting periods, benefit periods or factors that may affect your premiums.

If would like to find out more about income protection please call us on 1300 135 205. Alternatively, if you would like to compare income insurance providers, try our online comparison tool here.

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