Income Protection Policies
please recommend one
, Feb 15 2013 10:12 PM
5 replies to this topic
Posted 15 February 2013 - 10:12 PM
I thought there had been a previous thread on income protection policies, but I cant find it.
Basically I have been looking into this recently and I'm not sure where to look. I have started with my Super and have applied to increase my life and disability coverage, as well as decrease my claiming period for the income protection from 60 days to 30 days. This will cost only an additional 50 cents a week, so I thought it was worthwhile. However, I have already had to fill out additional paperwork due to pre existing health conditions and now I have been requested to get two medical reports from treating doctors so I guess there is still a chance I will be rejected.
I have tried looking for another income protection policy that will cover me for more than only health issues, such as redundancy or if one of my children require me to have a long absence from work. When I googled all the policies that came up were from these recent and annoying multi policy companies, such as iselect.
I did make a query with one company that I thought did not look like one of these types of companies, but it turns out they are and now they are harrassing me. Their quote was for $900 per year, which I thought was quite excessive given my income is UNDER $40K per year and I really cant afford that. It is twice what I expected. Does this seem correct/excessive? They did not ask me about my health - so that is not factored in, but I do guess that policies are higher because they offer a stock standard policy, which is a higher risk for them.
So where can I go to look for a reasonable income protection policy? Can someone recommend a company they have used and are happy with? I am happy to have medicals as both my conditions are well managed, but I just want to use a 'proper' company not these heavily advertised companies that I am always skeptical about. TIA
Posted 15 February 2013 - 10:21 PM
I would speak to a financial planner. Ours sorted DH's for us. Income protection is very expensive, but I believe the premiums are tax deductible. There are also lots of options with respect to waiting periods, length of payments, top-ups (if you could work, but not in a role with equal pay), percentage of your pay..... If you're in WA, I can PM you his details.
Posted 15 February 2013 - 10:29 PM
We go through an insurance broker for all our policies, and he worked it out for us. I wouldnt buy insuance another way now, he handles our claims and updating details - everything.
I do think the quote you got was too expensive personally.
They are tax deductable too.
Posted 16 February 2013 - 06:11 AM
We've been going through this lately too.
Speak to a financial planner.
We almost took out separate insurance but after getting loads of in depth advice from a financial planner we're most likely to just go with our Super and pay a little bit extra as that works out a lot better for us.
Posted 16 February 2013 - 06:35 AM
Dh ended up getting his through his super fund - it was much cheaper compared to the other ones we looked into. plus he already had some protection included in his super fund so it was just a matter of increasing it. Have a look at your super fund to see if you already have some income protection bulit into it.
Posted 20 February 2013 - 03:42 PM
The reason IP is cheaper in your super fund is because you have to be TPD'd to claim. Outside of super many of the policies offer much more benefits (ie a 6 month payment if you have cancer no need for waiting day period either) Also there is a limit on how long they can pay in Super.
You will be hard pressed to find a company that offers good protection for redunacy and the like. Do you have insurance on your credit cards and mortgage to cover this? Mine costs not very much at all and it means if I am made redunant I don't need to pay in that time.
If your children are over 2 yrs old I would look at Children's Trauma for them (you would have to purchase a policy yourself but if you made it life it would be rather cheap) this means that if your child gets an illness which is listed in the policy document/PDS/product you will be paid a lump sum. This could cover the cost of you not being able to work durning that time. Most of the insurance companies (Asteron, AMP, CommInsure, TAL, AIA etc) offer it up to $200K (some make you buy a Trauma product as well, some are ok with you just having life)
I highly recommend going to see an insurance broker (brokers are not on fee for service they are still on commission unlike planners so you will not be charged to see one)
1 user(s) are reading this topic
0 members, 1 guests, 0 anonymous users
Left untreated, children who start school with speech and language difficulties face an increased risk of reading and writing difficulties, more bullying, poorer peer relationships and less enjoyment of school. So, what should parents expect of children at different ages?
How was my renegade mother's group different from my first? They were my kind of people. My tribe.
Psychologist Angharad Candlin will guide parents through their child's emotional development during her seminar at the Essential Baby and Toddler Show in Sydney this weekend.
Out of all the questions asked of mums-to-be, “Do you know what you're having?” would be right up there in popularity. Sometimes,
“You’re nowhere near menopausal,” my doctor cheerily informed me, and my heart sank. I don’t want to live with worry about pregnancy anymore.
“All the horrible stuff was totally worth it to have my son. But there is absolutely no way I could go through it all again.”
It was the wedding of one of my oldest and dearest friends, and she had invited me to be her bridesmaid. It was quite an honour. But there was one problem.
For up to five days he lay alone after his mother died of a suspected drug overdose, but eight-month-old Dylan Micallef has made an incredible recovery.
Fill out this quick survey and tell us in 25 words or less your best pregnancy or parenting tip - you'll go in the draw to win a $200 Pumpkin Patch voucher.
The question remains: How does a little boy simply vanish without a trace?
A thief in the US got more than he bargained for when he try to rob a woman who was nine months pregnant because he figured she would be an easy target.
This little girl is not happy that her mum started laughing during her performance - so she tells her exactly how she feels about it.
Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.
While watching your baby grow into a unique little person is exciting and wondrous, the intensity of meeting everyone else?s needs can ever so sneakily overtake your own needs for self-care.
Almost all women will experience bruising, grazing or tearing after a vaginal birth. Depending on the degree of tearing, there are various treatments available.
Outings can be lots of fun with the kids, but there are inevitable challenges. Here's some information about days out to help you be a little more prepared.
I sent invitations on burgundy scrapbooking paper stamped with a field of poppies, and told each person why I wanted him or her there. I warned that there would be nudity.
When your baby?s due date comes and goes without so much as a pop - let alone a bang - it can be disheartening. Mums and a doula share their stories of natural inductions.
As I sat across the table from my friend ? me, a seasoned mother of three; her, a brand new mum ? I thought of all the mistakes an old-hand parent can make when visiting a newborn baby.
Unbearable anxiety, unspeakable joy, constant exhaustion and bouts of frustration ... The many shocks of first-time fatherhood resound in a dad's diary of his son's early months.
Finances may not be as cute as a newborn, but with many women?s working arrangements changing post-baby, monetary matters need attention too.
What should you do when a stranger goes too far when disciplining their child in public?
We've scoured the internet to find gorgeous personalised keepsakes and nursery decor to record baby name and dates. They make great gifts for christenings, name days and birthdays! (All prices in AU.)
We look at your wellbeing, covering health, relationships, beauty and fashion, mind and body.