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Income Protection Insurance Comparison


Before buying any product, buyers are always encouraged to compare prices and features before signing a contract of paying for the product. Insurance is no exception to this rule and buyers are encouraged to compare income protection insurance policies before signing the contract with the insurance company.

 

Rates

While comparing insurance quotes the buyer should remember that even though the first quote may seem extremely attractive it is always best to compare 3 or more quotes from different companies since this can help him get good deals. The main benefit of comparing quotes from different companies is that most companies try to offer competitive rates, which means that buyers can get the same benefits by paying a lower cost if they select right.

 

Policies

There are a few factors to consider while comparing income protection policies. These factors include the waiting period, the type of agreement, renewal terms and benefits offered. Cancellable policies are cheaper than non cancellable insurance policies but when buyers select cancellable policies they have to wait for the insurance company’s approval before the policy can be renewed and this can be a problem for people who have made claims in the past.

Non cancellable policies are automatically renewed when the selected policy is due for renewal. Waiting period is a term used to imply that the buyer will have to wait for a certain number of days between filing a claim and getting his first check from the insurance company. A shorter waiting period usually costs the buyer an additional premium.

 

Types

There are two types of contracts offered to all buyers which are indemnity contract and value agreement. Indemnity contract is usually cheaper than a value agreement contract. While some companies offer only the claim benefit other companies offer other benefits such as a death benefit or a surgery benefit. The surgery benefit may be for transplant surgery, cosmetic surgery or both. Some insurance companies offer additional perks such as picking up blood for tests from the buyer’s office or home.

 

Cost

Although cost plays an important role in determining which insurance policy is selected by the buyer, it is important to note that buying cheaper insurance the buyer may save a few dollars but he may also lose out on a lot of benefits. Buyers should consider their own requirements and compare income protection insurance with the help of an advisor if they feel that they cannot decide which features to opt for.


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