Income Protection Insurance for Temporary Disability
When the inevitable happens this could quickly change your financial fortunes. So the question is what disability income insurance options do you have if you find yourself disabled, temporarily or otherwise?
Is there a plan of action you have, or a plan to take, in relation to income protection insurance to cover your expenses and/or debts during recovery? If there’s none but currently on the look out – here’s some things to take note of.
Things insurers consider when looking at your application for income protection insurance:
Your occupation, in particular, what are the dangers of your job. Is it a high risk profession? What are the chances of you getting injured in your day to day tasks. Your medical history. What is your current health and what medical history your family has? This has an effect on how the income insurance carriers view your potential risk. Obviously the less potential risk the better for them.
The award or compensation. What is the amount you are looking for to be covered. Will this be less than 70% of your present gross salary? Usually the smaller the amount the lesser will be your premiums. Other factors that go into assessing your situation are your gender, age and location.
Compare income protection insurance quotes to get the best deal available.
Non-cancellable – the premiums on these are on a guaranteed level for the life of the contract unless the benefits are increased. Guaranteed renewable – the insurer reserves the right to increase the disability income insurance premiums for everybody, should the number of claims in a particular class begin to rise. You also have the option of riders. Residual and partial riders are available to you if your situation changes and you are returning to work in a different job and experience a loss of income or if you return to work as a part time employee, but in the same job.
Although no one likes to talk about getting hurt or such, the benefits of a income protection for disability helps during an eventuality. Acquiring a policy is part of strengthening your overall financial plan or at least puts a floor underneath it. Get together soon with an insurance broker and discuss how your personal situation can benefit from income protection insurance.
