There are a wide range of places to get quotes for income protection insurance. These include :
– Directly from certain insurers
– Via an insurance adviser or broker
– Via a superannuation fund
– And a few other options
When a consumer obtains a quotation for income protection insurance, we recommend they cover off the following questions with the provider of the quote :
– Is the quoted policy what is known as an “indemnity policy” or “agreed value” policy ?
– An indemnity policy may be lower quality and price, but may still be suitable depending on your circumstances.
– If I were to go on claim, then would the claim benefit increase with inflation each year ?
– Does the cost of the quoted policy increase each year as I get older ?
– What are the projected premiums that I will pay in the future ?
– Will the sum insured change each year, and if so, how ?
– Will the nature of the policy features change at some future age, eg when I turn 65 ?
– Will my payments be affected if I am permanently disabled ?
– Does the policy pay a benefit if I am only partially disabled ? And if so, how does that work ?
– Do I have options to add extra features to my policy ? And if so, how does it work ?
– Are my features guaranteed (eg a super trustee cannot change my cover with the underlying insurer) ?
– Do you compare options across a range of insurers or only provide a quote based on one insurer ?
– If the latter, then how does the policy cover compare against other products in the market ?
– Does the policy have a pre-existing illness claims clause and how does that work ?
– And are there options to have this removed if I provide evidence of current good health at the time of application ?
There are many other relevant questions to ask and the above is just a sample of some of them.
Contact Experien Insurance Services here if you would like a complimentary review of your existing cover or quote for new cover.
