Hi all,
I am looking for income protection insurance for myself and would like to know which one is good from your experience.
Thanks,
Which income protection insurance is good ?
daptal on 31/10/2012 - 09:24
Comments
It can vary depending on if you are male or female
your occupation
your salaryThere is no one simple answer, see a financial planner or risk insurance broker that has at least 4/5 products on thier approved list
If you know how much you want and don't need "financial advice", check out what is offered through your superannuation fund. I found them to be (alot) lower than holding outside super, particularly the industry funds(like Australian super).
If you go through a financial planner/adviser then bear in mind they will get a hefty ongoing commission out of your premium.
Canstar compare different Income Protection offerings under their Life Insurance section; based on age, occupation and gender. Might be worth a look.
One size doesn't every one, I suggest you to talk to an insurance adviser and then decide which suits you the best.
http://www.lifeinsurancedirect.com.au/meet-the-team/advisers…
How do you define "good" ? I am with Onepath on their OneCare income Secure Cover (http://www.onepath.com.au/personal/insurance/income-protecti…) but obviously everyone's situation is different.
If you are unsure I'd seek professional advice to make sure you choose a product that's suitable for you.
Best of luck!