Do Not Refuse On Income Protection Insurance
These days, almost every insurance company in the world is offering income protection insurance mainly because income insurance plans ensure financial security for policy holders and their families. Buyers are frequently advised to buy this type of insurance and not to pass up on income insurance because this type of insurance can prevent people from going bankrupt when they are unable to work.
There are various types of income protection plans offered to people who want to protect their financial future. The basic plans offer up to 75% compensation on the pre-tax salary amount where as comprehensive plans offer an additional 8-9% compensation if the policy holder has superannuation benefits or certain other perks as part of his salary package.
The main benefits of opting for a flexible plan are that, buyers can choose which features they want while purchasing the contract. Buyers can choose basic features such as when they want to pay the premiums; to advanced features such as how many years they want to enjoy the given benefits. Buyers can also decide how long they want the policy for and how many days they want to wait before enjoying the many benefits offered by the insurer.
Income protection plans are considered to be extremely beneficial to people who earn $20,000 or more every year since these plans not only ensure that policy holders get basic compensation benefits but also ensure that policy holders get additional benefits such as transplant surgery benefits. Other benefits that may be offered include rehabilitation benefits and a death benefit. Most insurance companies also give policy holders the right to change basic details online, apply for a claim online and get information regarding their policies online.
Buyers who are looking to get a good income protection insurance plan should consider opting for policies that have two desired features. The first desired feature is a shorter waiting period of up to 60 days and the second desired feature is an agreed value contract. By opting for a policy with a shorter waiting period, the buyer will ensure that he gets the first payment from the selected insurer within a short span of time. By opting for an agreed value contract, the buyer will ensure that he will get a fixed amount from the insurer that has been pre decided at the time of purchasing the contract. Remember, income protection plans can help your family lead a normal life when you are sick or injured due to which you are unable to work for up to 2-5 years.
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For more information about income protection insurance, visit http://incomeprotectionguide.com.au/
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