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)




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

What you need to know about ovulation tests

Most people who are trying to get pregnant know that the best time to conceive is in the few days after ovulation.

Surviving a miscarriage at sea

A cruise with your family is among the most absurd settings for a miscarriage, but it is certainly not the worst.

Mum of three denied tubal ligation because she's 'too young'

A 22-year-old woman who is pregnant with her third child has had her requests for a tubal ligation denied because doctors believe she is too young.

Slapped cheek syndrome a danger for pregnant women

When a pregnant woman is infected, the likelihood that her foetus will be infected is about 50 per cent.

The signs and symptoms of ovulation

If you're hoping to conceive, one of the most important things you need to know about is ovulation.

We all know 'mum guilt' - but what about 'dad guilt'?

I remember the first time I felt mum guilt, within days of having my first child. The feeling was so intense I rang my own mum to debrief, hoping she'd tell me I wouldn't feel this way very often.

Kristen Bell urges mums to be their own superhero

When it comes to motherhood, actress Kristen Bell is her own superhero and she thinks other mums should be too.

Pram review: GB Pockit travel stroller

In a world of ever-shrinking gadgets, it's no surprise prams are getting smaller. We put the record-holding GB Pockit through its paces.

The beautiful Bombol Bouncer is back

The gorgeous Bombol Bouncer is back - and boasts two chic new colours to boot.

Gadgets and accessories for wine lovers

Looking for a gift for the wine lover in your life - or just something for yourself?

Free ticket offer

Pinky Mckay joins us again at the Essential Baby & Toddler Show presented by Blackmores with her expert baby settling advice. Register now for your free ticket.

The adventure doesn't have to stop: here's how to travel with baby

The best part about our outdoor adventures? It makes my husband and I better parents, since we're happier while adventuring.

Woman crashes car to save mum and baby's life

A good samaritan saved a mother and baby from being seriously injured by crashing her own car into theirs.

Should you tell your boss about your postnatal depression?

Returning to work after having a baby can be daunting, and when you're experiencing postnatal depression or anxiety it can seem even more overwhelming.

TV noise can slow toddler word learning, study finds

Background noise from the radio or TV might be making it harder for your toddler to learn learn new words.

Teresa Palmer on her molar pregnancy and 'unsexy' conception

Teresa Palmer is basking in pregnancy glow as she awaits the arrival of her new baby.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

For the festival lover in all of us

Pre-book & Save 50%. Get your tickets now for Kidtopia Festival. 7-9 October 2016 Parramatta Park, Sydney.

Why drinking water can be deadly for babies

H2O is one of the necessities of life, but for babies a seemingly harmless amount of water can be fatal.

5 ways having a baby is different when you have older children

So much parenting advice is geared towards having your first baby, but what's it like having a baby when you already have children?

You can now make your own plush Falkor

Fans of The NeverEnding Story – of which there are certainly plenty – went crazy for these plush Falkors when they first went on sale last year.

Baby steps

10 things that will actually happen after having a baby

I thought I had prepared myself for motherhood. Then my baby girl arrived and knocked everything flat.

Having a baby: expectations vs reality

People love to warn you about what to expect when having a baby, but they can be way off when it comes to the reality.

Are we having fun yet? Thinking positively as a parent

Motherhood is wonderful ... except when it sucks.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

When breastfeeding doesn't go with the flow

Breast is best, except when it's not. And in our case, it most definitely wasn't.

'If you don't vaccinate your kids you're a bloody idiot'

The photos are heartbreaking and almost too difficult to look at, but Kayley Burke is begging other parents to take notice.

Why pregnant women should eat chocolate

In news that will make expectant mums jump for joy - and reach for a block of Cadbury - scientists have revealed chocolate could provide health benefits during pregnancy.

The baby born with an incredible head of hair

If you're in any way challenged in the follicle department, prepare to feel a jolt of envy - at a two-month-old baby.

The push for Medicare to fund lactation consultants

While meeting with a lactation consultant can make an enormous difference to a new mother, it's not a service that is available through the public health system.

Parents, this is how to cut grapes to avoid choking

One mum has learnt a harrowing lesson about the best way to cut grapes to make it safe for toddlers and little kids to eat.

Three truths about C-section mums

Lately I've been thinking about the caesarean stories and the brave women who birth their children with strength and beauty.

Help! My baby will only sleep in my arms

It's stressful to be the one who is holding your baby most of the day, but it's even more stressful to wonder, 'am I doing something wrong? Or am I creating bad habits?'

 

Free ticket offer

Essential Baby & Toddler Show - Sydney

The Essential Baby & Toddler Show, presented by Blackmores, will be held in Sydney on 23-25 September. Register for your free ticket now to save $20!

 
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.