How to Compare Income Protection Insurance in Australia
Income protection insurance is one of the most popular types of Life Insurance available in Australia today. This is because people understand that our livelihoods are dependent on our ability to earn an income. Should we become Sick or have an Accident our financial situation may be ruined! People are just not taking that risk anymore, so they buy Income Protection Insurance.
Income Protection Insurance is one way you could make sure you could still be able to manage your monthly expenses and bills in case you fall sick or have and accident and are unable to work. Proceeds from the insurance could cover up to 100% of your pre disability income for a certain time then 75% of your income for a long term injury. You can choose how long you wish your Income Protection benefits to continue, that is to age 65 after a small waiting period usually 30 days.
There are also several ways you can pay for your Income Protection Insurance in Australia. You can organise regular monthly installments form your bank account or credit card. This one of the most common forms of payment. Although a new feature people are using today is getting their superannuation fund to pay for the premiums. This definitely helps you should you cash flow be tight?
That is why consumers generally want to know how to compare income protection insurance in Australia. There are many options to consider when buying such insurance products that it could be confusing to choose the right and the best among them. However, if you shop around, you can and will come up with the right solution.
An online insurance broker can take the hassle out of getting many quotes to find the best deal. They can easily and simply compare policies and options, leading to a significant saving on premiums, get instant cover online, and provide protection of income in case of sickness and accident.
One major factor to consider is the rate or cost of premium involved. This is where the bulk of the comparison should focus, that’s is what you get for your money. Logically, you want an insurance that would require cheaper insurance premium without compromising the coverage and the proceeds. You should also not overlook the terms of the products, as the saying go’s you get what you pay for. Lastly, you should consider the brand or the name of the insurer. It is always better to stick with reliable and trustworthy insurance companies.
Call a CCA Fp adviser today to get the latest approved Life Insurance products in Australia.