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Wage protection cover is intended to protect the income of an individual in the event they are injured or ill. With an income cover, the insured gets a monthly benefit payment in the event of injury or illness. This money can help to cover the mortgage, monthly bills and in general the cost of living.
Within the income protection insurance market, there are three basic types of policies. The three types of protection covered are indemnity value, agreed value, and guaranteed value. The choice of policy can have an affect on how the policy functions along with having an affect on how much the policy costs. Along with there being different types of policies, there are also different features that can affect the way the policy functions and the cost of the premiums. If you are shopping for an income protection quote, it is important to understand these factors and how they can affect your coverage.
The benefit level is basically the percentage of your monthly income that the policy will cover in the event of a claim. When it comes to salary protection in Australia, most insurers sell polices that cover up to 75% of the insured individual’s income.
Every policy has a waiting period on it. The waiting period refers to the amount of time the individual needs to be out of work before they can start collecting their monthly benefits. Waiting periods can range anywhere from two weeks to two years. A longer waiting period means lower premiums, but it also means that you will need to be out of work longer before you claim your benefits.
The benefits period is the amount of time that the insured individual is eligible to receive benefits for. Options on the benefits period can range anywhere from as little as a year to as much as covering the individual until they reach retirement age. A longer benefits period means higher premiums, but it also means you could be covered in the event that you are unable to reenter the workforce.
Factors like your personal health, occupation and age can also affect the cost of this policy. It is important to weigh all of these factors when you are shopping for an income protection quote. The style of policy and the features like the waiting period, benefits period, and the benefits level are the variables that are in the control of the consumer. In regard to insurance protection in Australia, it is important to pay special attention to the variables you can control, in order to possibly reduce their impact on your premium payments.
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