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Three Things That The Best Income Protection Plans Include


There are many income protection insurance companies in Australia and many of these companies offer additional benefits for no cost to promote sales. While buying an income protection cover, buyers should keep a few things in mind so that they get the best benefits for the lowest rate.  Three important things that good income protection plans include.

Extended benefit period

The best policies include an extended benefit period with the cut off age of 65 – 70 years and are available for people who are 19 years or older. Good policies also cover up to 75% of the policy holder’s gross income and may offer an additional 8% cover. Buyers should remember that these policies are tax deductible hence all components of income have to be clearly declared at the time of filling the application.

Benefits

Good policies include basic benefits and additional benefits. Additional benefits or perks that may be offered to policy holders include a day one accident benefit, a death benefit and transplant surgery benefit. Certain companies also offer additional perks like, free medical examinations, free blood pick up for tests from the buyer’s home or work place and in some cases, no medical examinations provided the buyer provides the latest medical documents.

Shorter waiting period

The best policies have a shorter waiting period that is between 14 days – 90 days. Buyers should note that opting for a shorter waiting period can lead to a higher premium however, the waiting period allows people to make use of existing paid leave before filing a claim. Before deciding the waiting period duration, buyers should consider their personal requirement and financial constraints if any. Buyers should note that some policies have an additional cooling off period.

In addition to the things mentioned above, good policies are also easy to understand and apply for. Buyers should note that good income protection insurance policies that have all of the features mentioned above can cost a little more compared to mediocre policies that meet the bare minimum requirements, however good policies ensure that you and your family do not have to suffer in the unfortunate situation where you cannot work due to health reasons. Remember, income protection plans are helpful to everyone despite if they earn $10,000 annually or $50,000 annually since these policies ensure that you get maximum payouts in your time of need.


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