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Why take out Insurance?

Why take out Insurance?

Insurance is a complex and confusing area where ‘cheapest’ rarely equates to ‘best’. It pays to talk to a specialist and get the right advice in order to find the cover that best suits your needs. If you think you are properly covered you ought to take a closer look.

  1. If you buy trauma cover and have a successful claim, can you ever be covered for trauma again? Yes, you can if you had a reinstatement option in your policy. Conditions will apply.
  2. Did you know that level premiums can still change; some insurance will rerate more often than others.
  3. If you don’t earn an income, can you buy income protection? No, but some insurers offer an option for you to buy living expenses if you can’t qualify for income protection.
  4. Did you know that you can choose to have either a lump sump payment for death benefit or an instalment payment? If you choose the later the premium will be cheaper.
  5. Did you know that you can have the option of buying multiple definitions of TPD on the one policy?
  6. Did you know that the waiting period for buy back and reinstatements options can commence upon receipt of claims or on payment of benefits? It might make a huge difference to your situation. Which insurer does what?
  7. If are planning to have your children late it is wise to have a Baby Care Option with your cover.
  8. Does your income protection policy come with built in trauma cover? This is a gem to have especially if you don’t have a separate trauma cover. This options pays you a tax-free lump sump of six times your monthly benefit.
  9. Do you have an income protection plan that will provide you 80% of your gross monthly earnings?
  10. If you are a graduate (medical, dental etc) you can get the income protection you need upfront without the need to provide financial evidence either at application or at claim.
  11. When you are in pain, the last thing you want to do is to wait for your money, the faster you get paid the better; options in your income protection like a bed confinement benefit or specific injury benefit will pay you monies immediately whilst waiting.
  12. If you are self-employed, which insurer will give you a better level of protection with an income protection plan?
  13. If you are self-employed, is income protection enough? It may cover your income while you can’t work but what about your fixed ongoing expenses, how do you continue to pay them when you can’t generate income?
  14. Do you have to continue to pay your premiums while you are on claim? You don’t if you had selected a premium waiver in your cover.

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