Income Protection Insurance Australia

• could you afford the monthly repayments on mortgages, credit cards and loan contracts without income insurance?

• could you pay the insurance premiums without adequate income insurance protection?

Investors who use negative gearing strategies to offset tax losses on shares or property investments may lose more than just their income in the event of disablement.

Without adequate disability income insurance, a loss of income can often result in the loss of the very tax benefits that underpin the investment.

Compare Income Insurance

Price is not the only consideration when you compare Income Protection Insurance in Australia. Policy definitions vary considerable from one company to the next - so it is important that you have the benefit of all the information needed to help you with your income insurance buying decisions.

When you request a free income protection insurance quote request via this website, you will be immediately connected with one of Australia's leading insurance specialists who will be in a position to provide both quotes and product comparisons from a range of, if not all of Australia's best Income Protection Insurers.

Premium Rate Variations

Quotes for your income insurance can vary dramatically The amount that you will be expected to pay for your income protection will depend on ;

• your age,

• your occupation,

• the amount and type of cover that you require and

• whether or not you are a smoker

There are also a number of other critical factors that will affect the price you pay including;

• Benefit payment period. A policy that offers long-term disability benefits can be considerably more expensive than one that limits payments for disablement for only a short term.
• Benefit deferment period (policy excess). Policies with a short deferment (e.g. 14 days) can be considerably more expensive than one with even a slightly longer excess (e.g. 30 days)
• Stepped or level premiums. A "stepped" premium is one that increases (sometimes dramatically) with your age. A "level" premium is more expensive at the outset but potentially much cheaper over time.
• Agreed Value or Indemnity benefits. An agreed value policy will pay your monthly benefit on the face value of the policy. An indemnity policy will re-assess your income at the time of claim and your claim benefits may be reduced accordingly. Indemnity policies are cheaper but may not provide as much certainty.
• Guaranteed renewability. Most income insurance policies require the insurer to guarantee renewal of your policy each year irrespective of any claims or changes in circumstances. There are cheap policies on the market that do not offer renewal guarantees.
• Pre-existing conditions. Some policies have a blanket exclusion on pre-existing conditions (conditions that the insured knew about or should have known about when they bought the insurance). These policies are generally cheaper than full cover policies.

Before making a decision on which policy is best for you, we strongly recommend that you seek advice from a licensed professional insurance adviser.