We all know how important a reliable income is for keeping our lifestyle afloat. But what happens when something unexpected happens and your income suddenly takes a hit? That’s where income protection comes in.
Income protection is a type of insurance that helps protect you financially if you’re unable to work due to illness or injury. It will cover some or all of your lost income, so you can maintain your lifestyle while you’re out of work. It can be paid both personally and from superannuation. Everyone’s personal circumstances are different therefore there isn’t a one size fits all approach.
Comparing Quotes and Finding the Right Income Protection Plan
When it comes to protecting your income, the most important step is to compare quotes from different providers. This can be done online with minimal human interaction or can be done through a financial adviser/insurance broker. Each insurer will offer different levels of coverage, and you’ll need to make sure that the policy you choose meets your individual needs. Not all policies are the same which is why expert advice can be crucial not only to getting the best price but also to making sure you have the right Income Protection in place should you ever need it.
To help you get started, here are some tips for comparing quotes and finding the right income protection plan:
1. Understand your needs:
Before you start comparing quotes, it’s important to take some time to think about your current financial situation and what kind of coverage you’ll need. Are you looking for a policy that covers a certain percentage of your income? Do you need coverage for a specific length of time? Knowing the answers to these questions will help you narrow down your search and compare quotes more effectively. Other factors to consider are whether you have sick leave/annual leave in place at work or if you already have cover group Income Protection cover through your superannuation. If you have pre-existing conditions or have existing cover that you want to compare it is generally best off speak to an adviser as online quoting tools can’t provide this kind of detail.
2. Consider your budget:
Once you know what kind of coverage you need, you can start looking at different plans and their prices. Be sure to consider the monthly premiums and any additional fees that may be associated with the policy. If you’re on a tight budget, make sure to look for a policy that fits within your budget without compromising on coverage. You will also need to consider whether you would like to pay for your Income Protection through super or personally.
3. Read the fine print:
Once you’ve narrowed down your options, it’s important to read the fine print of any policy you’re considering. Pay close attention to any possible exclusions, waiting periods, benefit periods, and any other restrictions that may apply. This will help you make sure that the policy is right for you before you commit. You should also consider whether your policy has been fully underwritten before taking it out which means there are no potential nasty surprises at claim time.
4. Get advice:
If you’re feeling overwhelmed or unsure about which policy is best for you, don’t hesitate to seek advice from a financial advisor or insurance expert. They can help you understand the different options and make sure you’re getting the right coverage for your needs. At The Insurance Quoter, we specialise in Income Protection and pride ourselves on finding you the right cover at the right price. We’ll also explain the pros and cons of paying inside or outside of super as well as getting pre-assessments from underwriters should you have medical issues.
When it comes to protecting your income, the most important step is to compare quotes and find the right income protection plan for you. Take the time to understand your needs, consider your budget, read the fine print, and get advice if needed by a professional. By taking these steps, you’ll be able to find a policy that meets your needs and gives you peace of mind.
If you’re in need of some advice for your income protection insurance give our experienced team a call today!
– The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.