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Finding the right income protection policy for your needs is no easy process. With literally hundreds of policies on the Australian market with different features and benefits on offer, finding the one that will accommodate for your current and future needs and give you the right level of protection can be daunting.
An insurance broker can assist people find the right policy by comparing the market for them based on their current needs. A broker will explain the different features available on the policy help the buyer through the application process step by step.
An adviser can help you find cover from trusted life insurance brands.
Income protection will cover you and your dependents if you’re unable to work as a result of injury or illness. This is usually offered as part of life insurance, but is also available by itself.
It's an important investment because your lifestyle depends on your earning ability, so getting the best income protection insurance available can give you peace of mind. Income protection insurance will cover you and your family if you’re unable to work, either temporarily or permanently.
Income protection insurance brokers will:
Insurance brokers work directly with insurance companies to get policies that aren’t usually available to the general public. These policies might have lower premiums, better coverage or specific benefits that you want but can’t otherwise get at a good price. In short, income protection insurance brokers are professional insurance policy finders.
Beyond simply getting good policies, insurance brokers can offer a number of other services. They can:
This depends on the type of insurance broker. They will always disclose their fees to you clearly and answer any questions you might have so you know how much it will cost.
Some insurance brokers will charge you a fee directly, often on an hourly basis. This will be a one-time payment, and after they find a policy for you there won’t be any more costs until you wish to use their services again.
Other insurance brokers receive a commission from insurance companies for signing you up. If this is the case, they will disclose it to you ahead of time.
If you have particularly unique or frequent insurance requirements, you can also retain a broker, or the services of an insurance broker company for ongoing service. This is usually paid for with an ongoing fee.
In all cases, insurance brokers must explain their fees to you in clear terms. If you aren’t 100% certain on anything, always ask them.
Insurance brokers are a great option for complex or difficult issues. Income protection insurance is very important, and the best policies will be tailored specifically for you. The broker will take everything into consideration to customise your policy to its fullest.
You can always find income protection insurance without a broker, but if none of the policies seem perfect for your needs you should consider using an insurance broker.
To get the most out your income protection insurance broker, you should ask them questions regarding anything you’re not entirely sure about, and find out their qualifications. You should never need to ask whether they’re independent or working on behalf of an insurance company as they must disclose this freely.
Good questions to ask include:
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