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Income Protection Comparison

If you are looking to compare income protection policies to either purchase a new policy or upgrade your existing level of cover that you currently have the first thing you will need to do is decide how much cover is right for you?

There are many income protection insurance providers within Australia so it is crucial that when you are shopping around for a policy to do an insurance comparison to compare the different providers and the different types of policies they offer.

We will guide you through the different types of income protection policies, show you how to get the best value for your money, and help you make sure you select the policy which is right for you and your family’s needs.

Our income protection comparison service is an easy and fast way to compare insurance policies available from a range of insurers. By simply entering some important details about yourself and the type of cover you require we will send you some preliminary quotes on a range of insurance policies available through our select providers. We can assist you to compare features available on each policy and help you receive a more competitive premium based on your circumstances.

We continue to build and maintain strong relationships on an ongoing basis with all of the income protection insurance companies that we deal with.

It is important to consider your ongoing financial commitments when selecting the right income protection policy and the likely expenses that you may need to cover which will include paying for things such as the mortgage or rent, education fees, debts, and other daily living expenses. Everyone’s circumstances are different and you need to determine what is right for you.

Once you have done this you should get some quotes.

You should consider the following when completing an income protection comparison:

  • Review the premiums, and whether those premiums meet your budget, and you usually have the option of paying your premiums fortnightly, monthly or even annually.
  • Consider the policy features that the policy offers and if these meet your requirements. These may include details on what waiting periods the policy offers, stepped or level premiums and the benefit periods. Review the Product Disclosure Statement that is available by the insurance provider to better understand what may be or may not be covered under the policy.

These pointers can help with an income cover comparison. You will however need to work how important they are to your circumstances.

How much do I need?

How much income protection insurance you require is best determined by the salary you want to insure? Income protection usually provides cover of up to 75% of your salary and is tax deductible.

What should I pay?

Our free service can shop around and help you compare income protection policies and prices as they can differ greatly. Some of the main factors that influence premiums are set depending on the:

  • Gender
  • Age
  • Health status
  • Smoking status
  • Benefit period
  • Occupation
  • Waiting period

Stepped and level Premiums?

You can choose to have a stepped or level insurance policy.

A stepped premium begins being cheaper but the premiums increase over time.

Level premiums remain the same and depend on what age you first take out the policy. To begin with level premiums are more expensive, but over the long period become the cheaper option. If you plan on remaining with the same provider, a level premium will usually be better off in the long term but if you like to change your insurers or polices frequently a stepped premium may be better choice.

We offer you a free comparison service to help you select and apply for the right income insurance cover by providing you with access to 12 different leading Australian Income Protection insurers.

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