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


Newborn baby found in a nativity scene

Police are trying to trace a woman who abandoned a baby boy in the manger of a church nativity scene.

Life would be harder without my kids

The Humans of New York Facebook page is well known for sharing touching, real stories from one of the world's biggest cities – and it's just hit the heart of parents everywhere.

Mum dresses as Wonder Woman for last day of chemo

A Brisbane mum dressed up as a superhero to celebrate the end of her chemotherapy and created a moment her family will remember forever.

How a raisin can predict a toddler's IQ

All you need to assess a child's future intelligence is a plastic cup and a raisin, according to new research.

Former Hi-5 member's cannabis hope

Former Hi-5 star Tim Harding hopes a cannabis-derived drug will help control his daughter's epilepsy, which sees the four-year-old suffering between 50 and 100 seizures a day.

The top 5 reasons your toddler throws a tantrum

Whilst to the outside world little people may appear to have it easy, it's actually not always the case – just ask any toddler who's had their toast cut up the wrong way.

Glenn McGrath thought he'd lost his wife and baby

Australian cricket ledged Glen McGrath has spoken about the moment he thought he might lose his wife, Sara and their baby daughter, Madison.


Inside my Centrelink nightmare

Mother Bec Smith has been trying for months to access Centrelink payments. A "serious error" is preventing her.

Warnings over push for hourly childcare billing

Australia's peak childcare body has called for caution around the Turnbull government's push for childcare centres to charge parents by the hour, not by the day.

Cate Blanchett thought about adopting for years

Cate Blanchett says her recent adoption of a baby girl had nothing to do with wanting a daughter after having three sons.

Kate Walsh: 'I can't have kids'

Grey's Anatomy star Kate Walsh has revealed she is unable to have children because she has experienced early menopause.

The parasite that could boost fertility

The Tsimane women of Bolivia are often revered as among the most fertile in the world - on average having 10 children in their lifetimes -- but some are even more fertile than others.

Family may sue cousin over genetics

A Melbourne couple is suing the Royal Children's Hospital for failing to diagnose a genetic disorder in their first child - an error they allege caused them to have another child with severe disabilities.

Strange things mums have done in labour

While most women in labour focus on the upcoming birth of their baby, some women do more interesting things.

Michael Clarke reveals baby's name

When Michael Clarke said he was wrapped around the finger of his little princess, he wasn't joking.

The logistics of breastfeeding twins

Our life is more or less divided into neat four hour parcels of time and it's hard to get much of anything done in the time between feeds.

How to stop people ruining Christmas

We can make a conscious effort about how we react to those curly Christmas day scenarios that can send us up the wall, or should we say chimney.

Lots of formula offers for desperate mum

The mum who was down to her last three tins of baby formula said she had received hundreds of calls and offers to send her formula.

Surviving breast cancer while pregnant

It was last thing Rebecca O'Donnell expected at 30 weeks' pregnant. One morning, while putting on her bra, she felt a pea-sized lump in her right breast.

Cot sheet brands for the nursery

With so many awesome cot sheet options these days, we thought we'd put together a list of go-to brands for you to seek out for your baby's bed.


What's hot on EB

How I survived breast cancer while pregnant

It was last thing Rebecca O'Donnell expected at 30 weeks' pregnant. One morning, while putting on her bra, she felt a pea-sized lump in her right breast.

Grieving father's letter to Bataclan terrorists: "...this little boy will threaten you by being happy and free"

A grieving father whose wife was killed in the attacks on the Bataclan Theatre last weekend has written an open letter to her killers.

5 challenges of motherhood - and how to see them differently

Despite the smiles, the sloppy kisses and the pure magic children bring to our lives, it's hard to deny that motherhood can be tough.

4 challenges of being a new dad - and how to face them

Becoming a parent is challenging – and that applies to both mums and dads.

My battle against antenatal and postnatal depression

I was five months pregnant when I realised I needed help.

Children swapped at birth will not be returned to biological parents

A boy and girl accidentally swapped on the day they were born will stay with the families who have raised them, a South African court has ruled.

A quarter of men believe they get 'man periods'

A British study has revealed one in four men believe they have a monthly cycle.

Baby deposit

How much do you need to save for a 'baby deposit'?

It's fairly straightforward to calculate a house deposit, but how much money do you need to save up for a baby?

Dad's beautiful note to his wife, a nurse

To anyone else it might just look like a picture of a mum having a nap with her toddler.

'I was a complete schmuck': Mike Baird opens up about his wife's postnatal depression

When his wife Kerryn was not well following the birth of their daughter, NSW Premier Mike Baird buried himself in his work.

Mum's desperate plea as whooping cough alert issued

A desperate mother has shared a heart-breaking video of her baby struggling to cope with a coughing fit caused by pertussis.

Coffee could help you live longer

New US research found people who report drinking three to five cups of coffee a day are less likely to die prematurely from heart disease, suicide, diabetes or Parkinson's disease.

The joy and dread of playdates

To live vicariously through your child is to rediscover anxieties you thought dead and buried.

Sick baby could die without scarce special formula, mum says

Lizzie Cann is down to her last three tins of a special formula in short supply.

Adorable toddler's strop foiled by squeaky shoes

We're probably all familiar with the pouty bottom lip and tightly crossed arms of a tot mid-strop.

More sex during World Cup created more baby boys

More sex during South Africa's World Cup meant a disproportionately high number of boys were born nine months later, a new study has found.

Win one of two ABC Shop prize packs in time for Christmas

What a boon it would be to have your toddler's Christmas gifts covered this year. We have two awesome ABC Shop prize packs to give away to two lucky winners.

Do fitness challenges really work?

Fitness challenges aren't new. There's Michelle Bridges 12WBT and a bunch of other programs if you really want to lose weight.

What are pregnant women Googling?

Pregnancy is a huge change for any woman, so it's natural we'll have questions - and turn to Google to ask them.



Can't decide?

Check out the Essential Baby Names section for some inspiration

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.