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  1. #1
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    Default Income protection insurance

    Hi ladies

    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

  2. #2
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    Quote Originally Posted by MrsMummaButterfly View Post
    Hi ladies

    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
    I'm not sure you will get many answers except to see an insurance broker.

    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'.

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    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

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    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.

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    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.

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    Quote Originally Posted by babybeeno1 View Post
    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
    FWIW, these sorts of things change policy to policy, depending of what you want to have / pay for. Eg some policies might only kick in after 3 months off work and be cheaper, some might cover for 2 years injury, or 5 years, or lifetime - obviously the longer the cover will pay for, the more expensive it will be. Some will cover you until you can return to *any* work, some will cover until you can go back to your own occupation. Lots to think about, and important too! A financial advisor/planner is the way to go so you can really get yourselves protected and set up.

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    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.

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    I'd prefer a financial planner over a broker!


 

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