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What To Consider While Getting The Quote

Before selecting income protection policies, buyers are encouraged to get one or more income protection insurance quotes from a few insurance companies since this allows buyers to get the best estimate. The following paragraphs will elaborate on a few factors that should be considered while getting quotes for income insurance.


Non cancellable contracts

Non cancellable contracts usually cost more than cancellable contracts since non cancellable contracts can be renewed without the insurance company assessing the policy holder’s claim history before renewing the policy. In the case of cancellable contracts, the insurance company has the right to reject renewal of the contract if the buyer has made a claim before. In Australia, policy holders can get income protection cover for up to 75% of their income however, a few companies cover for an additional 8% provided the buyer has additional benefits such as retirement benefits. Policies that cover more than 75% usually cost an additional premium however, they ensure that the policy holder gets maximum payments in case of unfortunate incidents.


Waiting Period

The waiting period is a term used to imply that the policy holder will have to wait for a certain number of weeks, months or years before getting his first amount after filing a claim. The waiting period can be selected by the policy holder and the waiting period for most policies ranges from 14 days – 2 years. Policy holders that select a shorter waiting period have to pay a higher premium but a shorter waiting period ensures that the buyer gets the first amount as soon as possible.


Good policies

Good policies ensure that the policy holder can enjoy the various benefits offered up to the age of 65 – 70 years, however these policies cost a higher premium. Policies that offer an extended benefit period are ideal for people who work in high risk jobs or earn more than $30,000 annually. Good policies also offer additional benefits that include but are not limited to retirement benefits, retrenched benefits, death benefits and certain types of surgery benefits. Some insurance companies offer additional perks if the policy holder buys a policy from their company.

Buyers should remember to consider these factors while getting income protection quotes or any other insurance quotes since by opting for a policy that offers maximum benefits they will be ensuring that their family doesn’t suffer in case the policy holder falls ill, gets retrenched or gets injured in an accident.


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