Top 10 Tips for Saving Money on Income Protection Insurance

Top Tips for getting Income Protection Insurance!

  1. When applying for Income Protection Insurance ensure you check prices for waiting periods for claim and assess this against your budget.  A good way to think of this is can I survive for 30 days or 120 days without wages coming in? Get quotes for a waiting period that suits your general financial situation and make your decision from there.
  2. When applying check whether your Income Protection provider offers an accident only, illness only or combined policy.  Some providers provide all three options and others differing variations.  Assess the pricing on all these all options and pick which suits your situation.
  3. Some Income Protection policies can be expensive depending on your medical history – if you aren’t as healthy and fit as you used to be, look at reducing the amount of cover if you find the initial quote unaffordable.  Having something in place is better than nothing and a lot of Income Protection providers offer smaller amounts of cover.
  4. If you are declined by one provider, simply try another – Income Protection providers aren’t all the same and some see different medical conditions as different risks.  Always tell the truth when applying, but don’t be afraid to try the next company on your list if you are declined by a particular insurance company.
  5. As always make sure you contact several Income Protection providers to obtain as many quotes as possible.  Like shopping around for anything make competitors compete for your business.
  6. Always ask a lot of questions – you need to understand exactly what details each Income Protection policy covers and the conditions of each policy such as cut off ages, when the premiums increase etc
  7. Ask about available discounts – some providers may not offer them but you won’t know if you don’t ask.
  8. Read the key points in the Income Protection PDS (Product Disclosure Statement) and your Income Protection policy documentation when it arrives.
  9. Ask about commissions made by either brokers or Income Protection sales representatives.  If they are making ridiculously high commissions then are you paying too much for your policy?
  10. If you need a hand or have further questions, get in touch with the team at Insurancepoint.