I'm thinking of getting life and income protection insurance. I contacted Iselect and afew others and have received afew quotes..
but than when you read reviewes of the companies (the quotes i got for which were the cheapest were TAL/Tower, Guardian and real insurance) I get double minded as to which to go with.
I was wondering what your expereince has been with life and income protection services...which is a better company to go with ..
any help will be appreciated!!
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03-05-2013 09:25 #1
Income and Life Insurance
03-05-2013 12:17 #2
It's a really hard one to help with, as obviously you don't actually get to experience how good they are to deal with - because you're dead, ha! But hopefully someone in here has had experience with family members perhaps.
For me, I chose to go with a log standing company rather than a reasonably new one. I'm hoping not to have to use my life insurance for quite some time, so have better peace of mind using reputable companies IYKWIM.
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03-05-2013 12:22 #3
Check your super fund first, it is possible you have enough coverage there, or could increase it with a small charge.
03-05-2013 12:22 #4Senior Member
- Join Date
- Jan 2009
My life and ip policies are through my super. is that an option for you?
03-05-2013 12:23 #5Senior Member
- Join Date
- Jun 2011
We have life, income & TPD.
Our life insurance is tailored through our super plan through AMP & it's quiet a large sum. Do you have a super account? Maybe cheaper through that ? And if you are not working hubbie can pay into the super - just a thought.
Income & my husbands TPD we pay monthly & that's through axa. Income protection u can deduct from your tax too.
I can't really comment in how well they are because we haven't needed to use them ( thank god) however we did set ours up through a financial planner who went over everything to make sure we are getting the best deal.
Personally, I would stay away from insurance line etc because I believe they do charge a lot & find that when the time comes to call upon this insurance you aren't actually covered for everything.
Good luck researching
03-05-2013 12:25 #6Senior Member
- Join Date
- Feb 2013
I work in insurance.... For property.. So, home, contents, car.. Etc.
I don't know anything about income insurance but one thing you need to know (which goes for any insurance) is to READ your Product Disclosure Statement... As much as it is a pain reading all the booklets but you really need to! Because a lot of the time you will be paying a premium & some ridiculous exclusion will mean you get nothing. DON'T go for the cheapest... It's like anything.. You pay for quality. Best to do your research & find out what you actually need & then find the best price for that!
Quality insurance isn't cheap... But you are much better off paying a slightly higher price & knowing that if something happened you will be covered.
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03-05-2013 15:03 #7
I've got life and TPD through super as well as income protection with benefit period of 2 years inside super. Outside super l have income protection payable after waiting period of two years with benefit payable to age 65, and l also have Trauma cover. So l am extensively covered.....l practice what l preach (when not on maternity leave l'm a financial adviser).
With income protection be aware of whether you have a policy which is agreed value or indemnity. Indemnity is the cheaper option but if your salary has dropped prior to your disability then you are only paid a benefit amount based on your reduced salary not the amount for which you had on your policy. There may also be some benefit differences and definition differences between policies so if comparing different quotes make sure you are comparing similar quotes.
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