Is anyone able to help with some questions about Income protection insurance? Looking to get it for my self employed tradie hubby.
- What does it normally cover?
- What is a good company to use?
Thanks in advance ladies
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03-09-2016 10:41 #1
Income protection insurance
03-09-2016 11:00 #2Senior Member
- Join Date
- Mar 2015
I do work for an insurance company that covers income protection. And I will still say go and see an insurance broker. The reason I say this is there are a lot of rules regarding giving advice which includes advice over a forum. Many of them do not charge until you sign a statement of advice - and this is after they complete an assessment for you. You do not have to sign it if you are not happy and can also request amendments. They will also advise the best way to make payments etc. Some are paid by commission - others request fee for advice.
I will say generally stay away from the insurance companies that have ads of 'no medicals required'.
03-09-2016 11:27 #3
DP is self employed. He's with anz as are all his policies he has for his business so gets a discount. Pays around $60 a month.
If your looking for something that will covers every day general sickness it's not viable but if your looking for something if your DH gets seriously injured it'll cover it but you need to read all the fine print that is attached to it. Benefits normally kick in after a month if he will be off work that long but you need to obviously need to see doctors etc to get that signed off to prove illness can be paid for up to 5 years depending on what level of cover you select. But as what @twinklify has stated you need to see a broker to work out what options are best suited to your families needs
03-09-2016 12:59 #4
Yeah... this area is so complicated a lay person has no chance of understanding it all by themselves, in my view. See a broker and they will give you and DH advice. I was referred to a financial advisor / broker through my bank. I would maybe ask around for a financial advisor / broker, then ask lots of questions when you see them.
03-09-2016 13:01 #5
A financial planner might also be a good idea instead of a broker. They can give you a more holistic overview of what your needs are.
03-09-2016 13:22 #6
03-09-2016 16:01 #7Senior Member
- Join Date
- Mar 2015
Also a lot of planners/brokers only write insurance with a few different companies. Try and find a boutique planner (that is not owned by a big bank) and that way you can get more choice.
06-10-2016 17:23 #8
I'd prefer a financial planner over a broker!
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