If you are afraid of losing your regular income, then surely the Income Protection Insurance is the ideal option to work for. However, if you are planning to get the Income Protection Insurance in Australia, then you must be very carful about the hidden charges. Many agents may not tell you about these charges included in your policy. Some of the hidden charges are as follows:
- Monthly Premiums:
The Income Protection Insurance is available with the monthly covers in which the premiums have to be paid monthly to get the full benefits of your policy. You would be able to get the returns only and only if you pay them regularly after every month. You might not be able to get informed about these charges by your agent, because some are there whose ultimate aim is to earn the profit only. If you think that you can lose your job at any time, then start investing in these policies from today only.
- Excess Period
Don’t get confused with the excess period and keep in mind that it is quite different from the exclusion period. The excess period is the time which begins from the same day you start investing in the policy and it will end up on the day when the returns are eligible to be paid out completely. The excess period varies significantly with the type of your Income Protection Insurance and make sure that you hold the policy for longer duration because it will result into the cheaper claims. You might not be aware of this fact and most probably your agent will not get the trouble to inform you about this.
- A change in the Policy
If you have bought a policy earlier from the building society or a bank, then it is advisable to change. By doing this, you just have to pay half of the claims as compared to the one you are paying currently. You agent will never inform you about this, because it will also reduce the commission of your agent to half. Hence, a thorough study is required before you opt for the Income Protection Insurance policy.
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