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  1. #1
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    Default Income Protection

    One upon a time I didn't think it would be worth investing in Income Protection Insurance for DH. But then when I stopped working to stay home with the kids, and we realised that the mortgage was now over 50% of our income, we thought we had better go and get some.

    But $100 a month??!!

    That sounds obscenely high. I wish we had shopped around more first *rolls eyes*

    We got it through the bank we have our home loan with.

    The thing is... a few months ago, DH was diagnosed with a chronic disease, so can we change who we get income protection from, or are we stuck with what we have? He thinks he'd fail the health requirements for a new one due to being insulin dependant etc.

    Can anyone recommend good income protection for a decent price?


    TIA!!

  2. #2
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    You should prob stick with who you have... that is quite high though... does your DH have pre exisiting conditions, or a high income? Or a high risk job? those sorts of things weigh it out.

    If he was to get different income protection he would have to be tested again.....or if he wasnt tested then he would need to signa a declaration that he doesnt have preexisitng conditions.

    That make sense? My brain hurts tonight!

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    Quote Originally Posted by Becteria View Post
    You should prob stick with who you have... that is quite high though... does your DH have pre exisiting conditions, or a high income? Or a high risk job? those sorts of things weigh it out.

    If he was to get different income protection he would have to be tested again.....or if he wasnt tested then he would need to signa a declaration that he doesnt have preexisitng conditions.

    That make sense? My brain hurts tonight!
    Oh, bummer. He was diagnosed with Type 1 Diabetes one month after starting the insurance...

    No high income, no high risk... Maybe I should call and say something about how I am currently reserching other insurers (without mentioning the Diabetes) and can they possible offer a similar product for a lower fee to encourage us to stay with them?

    Is bartering ok with the major banks with things like this?

  4. #4
    Tam-I-Am's Avatar
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    Its ABSOLUTELY okay to barter with the banks

    The other thing to check out is - does his superannuation fund offer some income protection, he may already be covered for some of it. Super funds also seem to offer quite a competitive product....worth looking into.

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    I was going to say that, I am in the process of getting our life and income etc insurance done and discovered that we both have small amounts of these in our Super Funds...so really I just need to top up!

    The quote we have received is $142 per month but that is for Income and Life for him and Life only for me! Makes me cringe! The income aspect for him though is $85.00. And that is through AON Insurance.

    Don't forget also that you can claim the income insurance premium on your hubbies tax return!!

  6. #6
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    Quote Originally Posted by Tam-I-Am View Post
    Its ABSOLUTELY okay to barter with the banks

    The other thing to check out is - does his superannuation fund offer some income protection, he may already be covered for some of it. Super funds also seem to offer quite a competitive product....worth looking into.
    Oh fanks heaps
    Barter I will!
    Checked his super fund- no protection insurance without health checks for eligability or signing to say there's no pre-existing health condition
    Bummer!

    Quote Originally Posted by nic28 View Post
    Don't forget also that you can claim the income insurance premium on your hubbies tax return!!
    We had forgotten!! Thanks!

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    You'll find alot of insurers won't offer Income Protection to Diabetics - don't let your current policy lapse just in case you aren't offered other insurance.

    Go to an Insurance Broker and they can shop around for you - if you find a Broker with good relationships with the insurers, they might be able to negotiate on your behalf.

    Good luck.

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    Quote Originally Posted by Nic71 View Post
    You'll find alot of insurers won't offer Income Protection to Diabetics - don't let your current policy lapse just in case you aren't offered other insurance.

    Go to an Insurance Broker and they can shop around for you - if you find a Broker with good relationships with the insurers, they might be able to negotiate on your behalf.

    Good luck.
    What a great idea, I hadn't thought of an Insurance Broker. I think we need to get in touch with one and take it from there... thanks heaps hun

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    Quote Originally Posted by pookiesossige View Post
    What a great idea, I hadn't thought of an Insurance Broker. I think we need to get in touch with one and take it from there... thanks heaps hun
    Anytime -

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    Also if you have a financial planner they can help with these types of insurance.


 

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