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Income Protection Benefit Period


Income protection insurance offers various benefits that help people who are unemployed due to medical reasons to live life normally and with dignity. The benefit period is a term used to imply that the policy holder will be covered by the insurance policy for a certain number of years.

Good policies offer an extended benefit period of 65 – 70 years of age where as cheaper policies offer a benefit period of 50-60 years of age. This means that the policy holder can make claims and enjoy benefits offered by the insurance company until he reaches a certain age.

Most people who opt for income protection policies are under the impression that these policies protect them when they are unemployed till they reach the cut off age that is 50-70 years. This is not true, since the benefit period after filing a claim is 2-5 years depending on the selected insurance company.

This means that after filing a claim, the policy holder will receive monthly amounts from the insurance company for 2 to 5 years only and the this benefit period will depend on a few factors such as the cost of the policy, the occupation of the policy holder, the age, gender of the policy holder and the current medical condition of the policy holder.

 

Additional Perks

During the benefit period, the policy holder can enjoy additional perks other than getting monthly amount from the insurance company. These perks include a death benefit and surgery benefits for cosmetic and transplant procedures. Some insurance policies also offer a day one claim cover as an additional perk.

It is important to note that after filing a income protection insurance claim, the policy holder has to wait for a few days to get his first payment and this is mandatory. All insurance companies in Australia have a waiting period that ranges from 2 weeks – 2 years, and in most cases buyers have the option to choose a waiting period depending on their requirements. Buyers should also note that they only have to wait for the selected number of days before the first payment is made to them, after which they will receive timely payments very month.

Although by selecting an extended benefit period and a shorter waiting period, buyers may have to spend a few extra dollars to get income protection insurance, buyers should remember that by customizing the policy to suit their needs they will be protecting their future and preventing financial problems when they cannot work due to sickness or injury.


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