Compare Income Protection Quotes
Compare Income Protection quotes between 12+ of the leading Income Protection insurance companies in Australia with Primoris Financial. Get your Income Protection quotes and compare to get the right policy at the right price! Complete your insurance comparison request form below and one of our income protection specialists will be in contact to discuss your needs and to provide your comparison report!
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What is Income Protection?
Income Protection pays a monthly benefit if you are unable to work due to illness or injury. Income Protection policies can cover any illness or injury generally with the exception of self-harm, war and uncomplicated pregnancy. Unlike workers compensation, Income Protection will cover a person worldwide 24 hours a day 7 days a week including sicknesses. Policies can vary significantly, however income protection policies can also include automatic payments for certain injuries, rehabilitation benefits and a range other payments to assist getting back to work. Additional benefits offered can assist with helping with out of pocket expenses of certain events.
Want more information? Read more on what Income Protection is here!
Can I add Income Protection to my Life Insurance policy?
It is possible to combine your Income Protection policy with an existing life insurance policy and it is not uncommon for an insurance company to offer discounts for combining! In order to add an Income Protection policy your existing life insurance product needs to be an open product and in some circumstances a current policy. Your adviser can assist you determine if you can combine your coverage.
What are all these options for Income Protection?
There are a number of Income Protection options that determine the cost of the cover and also the benefit that is payable on claim. These options are important not only as they will affect your claim, but also as they allow you to tailor your policy to your specific requirements. Policies are determined by the following main variables; Waiting Periods, Benefit Periods, and contract style (Agreed Value or Indemnity Style). In addition to the main options there are other options like claims indexation and accelerated accident payments. Sound confusing? Talking to a specialist will assist in determining what options are suitable and your specialist will be able to recommend what options are appropriate for you.
Can I put Income Protection in Superannuation?
Most superannuation funds including Self Managed Superannuation Funds offer Income Protection, or allow Income Protection policies to be held within the superannuation fund. When an Income Protection policy is held in superannuation, the policy must comply with the relevant superannuation regulations. There can be some important implications of holding Income Protection in superannuation as such, careful thought needs to be given to if holding Income Protection in Superannuation is suitable!