Jump to content

Income Protection Policies
please recommend one


  • Please log in to reply
5 replies to this topic

#1 bailee

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

#2 SeaPrincess

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.

#3 Flaxen

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.

#4 MissingInAction

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.

#5 antsy

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.

#6 MrsLexiK

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)




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

Win a Springfree Trampoline!

Click now for your chance to WIN a Springfree Trampoline (R54 Compact Round) plus Australia-wide delivery ? valued up to $1774!

Midwife's hand inside birth canal for 90 minutes saves baby's life

Baby Emelia's arrival into the world wasn't exactly smooth sailing.

Melbourne - get your FREE tickets!

Register now for your free ticket (valued at $20) for the Melbourne Essential Baby & Toddler Show, presented by Blackmores.

It's really hard work, baby, but still worth it

You are over it and you want to know, is this all worth it?

Vitamin K injections: what you need to know

Why do babies need vitamin K after birth? Here's what you need to know.

Mum's emotional letter on last day of maternity leave

A heartfelt letter from a mum to her nine-week-old son has a struck a chord with working mothers everywhere.

What I learnt after having six miscarriages

Experiencing recurrent miscarriage is like entering an endless dark tunnel. Once you enter that tunnel it is a fight from start to finish

Recall issued for popular brand of baby biscuits

You will want to check your cupboard and give these the flick, after a recall was issued this week.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

From our network

See Pinky McKay live - for FREE

Pinky will be speaking daily at the Essential Baby & Toddler Show, Melbourne, 28-30 April. Free tickets now!

 

Last chance for free tickets

See Pinky McKay live - for FREE

Pinky will be speaking daily at the Essential Baby & Toddler Show, Melbourne, 28-30 April. Free tickets now!

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.