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Most people in Australia who have heard about life insurance quotes
or income protection insurance
for the first time often say i don't need it. What is income protection? Like the name suggests, it provides financially protection to people who cannot work temporarily due to health reasons. Income Protection plans ensure that the claimant gets monthly payments for a set number of months or years after he files a claim.
It is a specialized type of insurance plan offered to people who want to live without constantly worrying about money. People who are interested in ensuring that their families do not suffer financially at any time, can insure themselves for up to 75% of their gross yearly income. Buyers who are eligible may be offered an additional 8% protection by insurance companies. Buyers are always encouraged to declare all components of their salary package when they apply for a policy since these policies are tax deductible...read more >>
- financial help every month;
- ‘waiting period’ between fourteen days and two years;
- 'benefit period’ of two or five years, or up to age 65;
- covers up to 75% of your gross income;
- and more
- Long term and short term plans
- Indemnity and agreed value contracts
- Basic plans and good plans
- Stepped premiums and levelled premiums
Reason To Buy Income Protection
The main reason to purchase income protection insurance is to protect yourself & your family during the hard times.
45 year-old couple with nice two teenage kids and a $490,000 mortgage with the father earning $75,000 a year and the mother earning $22,000 for part time work. The father has an extended illness and is forced to take nine months off work.
Income Protection Insurance pays him $4,687.50 per month until he returns to work, allowing the family to meet their living expenses and continue paying the mortgage.
Income Protection Insurance For Professionals
|Gross Income per annum
* calculated at 75% of gross income per annum
Lifebroker aquired by TALposted 22 Oct 2013
Australian online life insurance comparator Lifebroker that providers a range of different life insurance products has been aquired by TAL Life. TAL confirmed yesterday that it has acquired the remaining 90% shares of the business. “TAL has had a 10 per cent stake in Lifebroker for three years now and we have been impressed with the …
Choosing an income protection insurance policyposted 24 Apr 2013
Remember that the quotes you receive from your chosen insurers will be estimates until you actually do all the paperwork for your policy. Saying this, they will be close estimates and they can be used to compare premium prices but be aware that the quote given may go up or down slightly when it comes …
Contacting insurance companies for insurance quotesposted 24 Apr 2013
Obviously it isn’t going to be practical to contact every general insurance company in Australia for income protection insurance quotes so you’re going to have narrow down the field. If you already have insurance products with a particular insurance company then this is a good place to start. Alternatively you might want to ask other …
The Basics of Income Protection Quotes in Australiaposted 23 Apr 2013
Income protection insurance is available from most general insurance companies throughout Australia. Most insurers offer a range of products that have different benefits, features and terms and conditions so before you buy you need to look at who is offering what and how much they expect you to pay in premiums for their products. …