How Can I Obtain an Instant Income Protection Quote in Australia?
If you are looking for a simple and straightforward protection solution for your ability to earn an income in the event of an illness or injury, you may want to consider taking out income protection insurance through a direct life insurance provider. With direct life insurance, you are not working with an insurance consultant to apply for cover. Instead, both application and purchase can be done entirely over the phone or online, with minimal medical underwriting required.
To get a preliminary instant income protection quote, all you need to do is to fill in your details. A direct insurance representative will get in touch with you to provide a quote and provide any assistance that you may need in the application process. Your income protection cover will in effect immediately once your application has been accepted.
What Details are Required to Get Instant Income Protection Quotes Online?
For the direct life insurance provider to determine whether they are able to provide you with income protection cover, you will be asked to provide specific information when filling out the application form online, or when you speak to a direct insurer’s representative. Details that are usually required for this quote include:
- Your name,
- Phone number and/or email,
- Age or date of birth,
- Whether you are a smoker or not,
- The type of cover that you are looking to get a quote or apply for,
- Your current annual salary (for income protection application),
- Any pre-existing medical condition.
Once your details have been received, the direct provider can then assess your application and whether or not they can offer you cover. It is important to note that you may be required to undertake a medical examination if you are considered to pose some risk from the details you have provided. Do not be alarmed by this fact and worry that your application might get rejected. Medical exam is often necessary to ensure that you are getting appropriate cover to suit your situation and at the right price.
What are the Steps to Receive Instant Income Protection Insurance Quotes?
Applying for income protection through direct insurance providers can be done fairly quickly and efficiently as they use special software to assess applications that have been received online or through the phone. These applications will then be evaluated against specified underwriting rules.
Because of the efficiency and sophistication of this technology, you are able to find out whether your application has been accepted immediately. In some cases your insurer may require additional information before your policy can be accepted. You may be required to complete a short questionnaire on the nature of your income or any pre-existing medical conditions that you have.
The purchase process of instant income protection insurance
- Compare and review different direct income protection policies that are available,
- Read through the Product Disclosure Statement (PDS) closely,
- Submit your request for an instant quote through an online form or direct call,
- You will receive a quote based on the details you provided,
- Review the quotes that you have received,
- Submit your application for a direct income protection policy via phone or online,
- If you need additional assistance, speak to a direct insurance adviser to help you with any questions or concerns that you may have,
- You will receive continuous guidance at the time of application,
- Your application is approved and your income protection policy will be active immediately after that, or
- In some circumstances, you may be required to go through a medical test or to provide additional information for further assessment.
Taking Out Instant Income Protection Online for High Risk Applicants
If you are considered to pose a degree of risk to direct insurance provider, usually as a result of your pre-existing medical conditions or occupation, there are a number of different approaches that they will generally take:
- Loading on cover: To account for the additional risk that you present to the insurer, a loading may be applicable on your premium rates.
- Specific exclusions on cover: The insurer may place a specific restriction on your policy in which it may not provide cover for specific illness or injuries as a direct result of your pre-existing health condition.
- Deny cover: Insurer may decide that your situation presents to great a risk for them to provide cover to. In this instance it is worth consulting an insurance adviser to help you find adequate cover.
Benefits of Receiving Quick Income Protection Quotes from Direct Life Insurance Providers
There are many benefits that you can obtain of getting an instant income protection quote online. These include:
- Simple products that are easy to understand: direct income protection products are generally less complicated compared to policies offered through an adviser, while also keeping a focus on high level of protection.
- Hassle free purchase: As previously mentioned, you don’t have to work with an insurance provider to apply for cover. Once you receive a quick quote for your income protection policy, you can apply immediately.
- Instant cover: Your income protection policy will start as soon as your application has been accepted.
- Ability to combine your life insurance policies: You can opt to bundle your income protection cover with life, trauma, and/or total and permanent disability cover.
What You Need to be Aware of when Applying for Instant Income Cover
Many direct life insurance policies will not offer the same level of benefits found in advice based products so make sure you are aware of your policy exclusions and conditions. Make sure that you are aware of the policy conditions and exclusions. Read through the PDS prior to submitting your application to further assess if this particular cover is going to provide the an appropriate level of cover if you are forced out of work for an extended period. Also, double check the premium structure and frequency options, and if there are any fees and stamp duties applicable. When in doubt, you can always speak with a member of the provider’s team for additional assistance in understanding your cover and exclusions that may affect you.
Ready to Receive Instant Income Protection Quotes?
Direct income protection insurance is suitable for individuals who know what they want out of their cover and are looking to take out a policy quickly and efficiently. They are often time-poor and unable to compare the income protection policies that are available on the market, and would prefer to work out the cover they may need on their own without having to use an insurance adviser or financial planner’s service. It is worth noting that this type of cover is generally more suitable to people in reasonable good health.
While the simplicity of direct life insurance can make it tempting to lock in the first policy you come across, Finder still recommends that you review a number of different policy options and read through your product disclosure statement prior to purchase.