Income Protection Insurance Quotes
There are some very important factors to
be considered when obtaining and comparing income protection insurance quotes.
Below we have listed the top 3 components that determine the amount of your insurance premium quote for income protection.
much will you save on your income protection
Disability income insurance benefit amount:
Income Insurance Benefit Payment Period:
disability insurance quotes you should give
due consideration to the maximum period for which you can be
paid in the event of a claim under a policy.
insurance policies will
pay a replacement income for a maximum of only one or two years
whilst other policies can pay an indexed benefit each month
until age 65 or even for a lifetime.
Many policies even offer
different benefit payment periods depending on whether the claim
is as a result of a sickness or injury.
It is important to
discuss your situation with an adviser to get appropriate advice
when obtaining your quotes as these variants can have a large
influence on the insurance cost price.
Income protection quotes should stipulate the "excess" or
"benefit deferment period" ... i.e. the amount of time you will have to wait
after you become disabled through sickness or injury under the terms of the
policy. Income protection quotes are typically offered with benefit deferment periods
of 14 or 30 days. Considerable savings may be made by taking
a longer deferment.
A common strategy is to take a
policy with a longer deferment period (e.g. 3 months) in
order to obtain a longer benefit payment period at a
You should seek advice on
options available and how you can select the right
combination of income benefit, payment period and deferment
period to meet your personal objectives when obtaining your
income protection quotes.
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