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Income Protection Insurance – Benefits


Income Protection insurance policies offer a number of benefits in comparison to other insurance policies such as accident, sickness and unemployment insurance or personal accident and sickness (PAS):

 

Payable when the policyholder becomes incapacitated

Benefits are payable when the policyholder becomes incapacitated and after the deferred period has passed and continue until the earliest of death, recovery of health, retirement or the term of the contract.

 

Benefits paid regularly

Benefits are paid regularly (usually weekly or monthly) and are free of tax. The insurance company cannot cancel or refuse to renew the policy provided that the policyholder continues to pay the premiums. A waiver of premium option may be provided whereby premiums for the IPI policy are not required while benefits are being paid from the policy, but the policy cover continues as normal.

 

Policy holder gets monthly amounts

The main benefit of income protection insurance is that the policy holder gets monthly amounts when he cannot work due to sickness, injury or certain other reasons. This not only ensures that the policy holder doesn’t have to worry about money while he is unwell but also ensures that the policy holder’s family doesn’t have to suffer additionally. Income cover insurance ensures that, people who cannot work due to medical reasons can still live their life in a dignified manner.

 

Allows the policy holder to get monthly instalments

Some insurance companies also offer another type of income insurance that allows the policy holder to get monthly instalments in case he is temporarily unemployed or retrenched. This type of policy has more or less the same type of benefits however to get such a policy, the buyer has to meet certain requirements set by the insurance company.

In addition to the benefits mentioned above, the policy holder can also make a claim if he has an accident. Policy holders who have selected a value agreement will receive the same amount as a monthly instalment when they file a claim however, if the policy holders have selected an indemnity contract then the claim amount will be decided by the insurance company.

 

Reoccurring disability or sickness benefit

People who opt for income cover plans are also offered a few perks that include but are not limited to a reoccurring disability or sickness benefit, a death benefit and transplant surgery benefit. Some policies also offer cosmetic surgery benefits to people who own certain types of policies.

 

Renewed Benefits

If the person who owns the policy has opted for a non cancellable policy then he can enjoy yet another benefit. Non cancellable policies ensure that the policy is renewed at the end of the term even if the policy holder has made claims the previous year. People who opt for a cancellable policy on the other hand have to get an approval from the insurance company before they can renew their protection cover.

 

Additional benefits

Since there are various companies that offer income protection covers in Australia, buyers can get additional benefits by selecting the right company. While some insurance companies offer additional perks such as checking the application for errors for no extra costs other companies arrange medical examinations at the buyer’s home or office depending on his convenience.

Buyers should remember that the best way to get maximum benefits from income cover insurance is to compare quotes before purchasing insurance and never too buy the first policy they see unless it has been recommended by a trusted source.


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