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Income Protection Insuring your income - INCOME PROTECTION INSURANCE Income Protection insurance is designed to provide you with a monthly payment of up to 75% of your gross salary, should you be unable to work as a result of disablement that is a result of illness or accidental injury. This is probably the most important type of ‘living’ insurance that you can have, as your ability to earn a regular income is arguably your most important asset. One of the key factors that will affect the cost of the premium that you will pay for cover is your occupation. ‘White Collar’ workers and other professionals will generally be charged lower premiums than ‘blue collar’ workers due to the lower risk of injury. Other important factors that influence premiums include your gender, age, smoking status, BMI , selected waiting period and the period for which any benefits will be payable.
Policies will generally require you to be disabled for a certain period of time, prior to commencing the payment of the monthly benefit. This is referred to as the waiting period and is selected at the time of application. Waiting periods generally range from 14 days to 2 years. When purchasing an Income Protection policy, you must select a period for which you would like to receive monthly benefits. Benefit periods can range from 2 years through to a term where benefits are ‘paid to age 65’.
There are two distinct types of Income Protection policies available: Agreed Value or Indemnity contracts.
An Agreed value contract secures your agreed monthly benefit at the commencement of the policy if you provide proof of income at the time of application. This agreed approach to your monthly benefit is guaranteed for the life of the policy.
On the other hand, an indemnity contract will pay a monthly benefit that is determined at the time of the claim, to a value no greater than the nominated amount insured. As a result, it is generally based upon the income you are earning in the 12 months immediately prior to the claim. “Income Protection insurance is a technical area. There are numerous products, policy options and features available, making it hard to know what is the best for you and your family. A full advice process revolves around a detailed, in-depth understanding of your specific situation. Once our specialist risk advisers have a thorough understanding of your needs, they will research the entire Australian market to find you the most appropriate and cost effective risk solution. Included in this service is an annual review to ensure your solution continues to be competitive in the ever changing Income Protection insurance environment.” If you'd like a no obligation chat with a specialist risk adviser so that you can check out you best options, then leave us your details and we'll be only glad to help you - REVERSE THE AGING PROCESS Go to - HOW TO LOWER BMI Go to - TRAUMA INSURANCE Home Page Risk Income Protection Trauma Insurance TPD Life Insurance Tips On Budgeting Debt Reduction Goal Setting Service Pros Health Healthy Products Our Planet Emotional Guidance System Stress TM About MeAllStarBooks.com - Body, Mind & Spirit Superstore. Get More Info on MindSoothe for for Depression, Insomnia, OCD and Anxiety Naturally Attract Abundance!
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