Income Protection Insurance Comparison

If you are looking to compare income protection insurance, to either purchase a new policy or perhaps change an existing policy the first thing you will need to do is get some information and quotes.

To do this you will first of all need to decide how much cover that you want to apply for.   Typically you can only apply for up to 75% of your monthly pre-tax income.  You will then need to decide on a waiting period (how long you want to wait until your payments start to be payable) and the benefit period (how long you wish to receive your benefit payments for).

When you have decided on these three things you can then get some quotes, and when you have got these quotes you should then make a comparison of the features and benefits of the income protection policies available to you.

There are a number of things you should look at when doing a income protection insurance comparison:

Firstly you will need to look at the premiums and depending on the insurer you may be able to pay these premiums annually, monthly or even fortnightly.  You will need to make sure you can afford these premiums, as if you will not be covered if you do not keep your premiums paid.

The next thing to consider and compare are the cover features that are available with the policy.  This will include features such as rehabilitation benefits, hospital cash benefit and pre-existing medical condition exclusion.   To help you understand what the policy covers and explain any terminology that you do not understand you can read the product disclosure statement that is provided.

A number of income-protection policies also offer options that you can add onto your policy to extend your cover.  These include homemaker cover, child cover, death cover and accidental injury cover.  You will need to consider if any of these suit your needs and then get a revised quote for including these options.

Finally, you may also want to look at Choosi customer reviews so that you can see what other customers think of the product.   What are Choosi customer reviews?  Choosi has asked actual customers to review their income protection insurance policies, based on criteria such as value for money, level of cover claims experience and ease of purchase.

Whilst these steps are a good start with a comparison of policies available you are best placed to determine how relevant they are to you and your circumstances.

If you have any questions you can call us, and whilst we are unable to give you direct personal advice we can answer any questions you may have on the products available.

Get a quote today and make a comparison of income protection insurance policies with Choosi.