How can I obtain an Instant Income Protection quote in Australia?
To get an instant income protection quote there are simple options:
- Online with a direct brand. Most direct brands will let you grab a quote online.
- Onlinee using our engine. You can get quote estimates and compare information side-by-side using our engine.
- Alternatively, over the phone with an adviser. This won't be instant, but you can discuss options and get quotes more suited to your personal needs.
Why would I consider a direct income protection policy?
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 with the insurer, with minimal medical underwriting required.
Compare income protection policies below: Click through for instant quotes
How to apply
- What details will I need to provide to get an instant quote?
- So I can get a quote instantly, what about applying?
This will depend on what method you choose. Flick through the tabs below for a quick guide.
For a direct income protection 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.
Our engine is simple to use. You'll simply need to provide:
1. Some basic information (no contact details are required)
2. How much cover you need
3. Then you are ready to compare quotes and policy information
You can purchase instantly when going directly through a provider.
Applying for income protection through direct insurance providers can be done fairly quickly and efficiently as they use pre-determined rules to assess applications that have completed online or through the phone. Your application is evaluated against specified underwriting.
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.
Once completed, you are able to find out whether your application has been accepted immediately.
Steps to getting cover instantly
- 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,
- Review the quotes that you have received,
- Submit your application for a direct income protection policy via phone or online,
- Medical examination. You may be required to go through a medical test or to provide additional information for further assessment.
- 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.
Note: If you need additional assistance, speak to a direct insurance adviser to help you with any questions or concerns that you may have,
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.
- Some direct life insurance policies won't give you an oppotunity to disclose an pre-existing health conditions. This means they will assume you are in good health and may have a blanket exclusion on existing health conditions.
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.
Here a five things to check
The level of cover. Many direct life insurance policies will not offer the same level of benefits found in advice based products.
- Conditions and exclusions. Make sure that you are aware of the policy conditions and exclusions e.g. blanket exclusions for pre-existing medical conditions.
- Check the policy documentation. 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.
- Check how much you are paying. Double check the premium structure and frequency options, and if there are any fees and stamp duties applicable.
- Speak to the insurer. 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.
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.