How Do You Know If Your Income Protection Policy Is Still
Fit for Purpose?
When you decide to protect your most valuable asset – your income – Income protection insurance is the first thing that comes to mind. Income protection policies are the best way to protect your family and yourself from financial hardship in the event that you fall ill or get injured and can’t return to work while you recover.
For those who are new to the world of income protection insurance policies – income protection insurance will pay you out a certain amount every month if you are unable to work due to illness or injury; this amount can be up to 85% of your income (generally, 75%).
Like many other insurance policies, you have to make sure your income protection policy fits your purpose. Various factors will impact the validity of your income protection insurance, such as your occupation, age, financial status, and pre-existing health conditions.
So, how do you know that your income protection insurance is still fit for purpose? Here are some tips to help:
Review Your Policy Document and Levels of Cover Regularly
Your responsibility doesn’t end when you buy an income protection insurance policy. It is still your responsibility to pay your premiums on time and review the policy document along with terms and conditions.
The circumstances surrounding your health, age, and habits or even the job may change during the policy period. You may have to make changes in your insurance policy to keep it relevant to your changing circumstances which would then avoid problems if you ever had to claim on the policy.
Deal With Trustworthy Insurance Providers
While you can find hundreds of insurance providers within the Australian market, the most important thing to do is to find a trustworthy one. As the buyer of the policy, you should always be aware of the reliability of any insurance provider. Not all insurance providers are genuine; purchasing insurance is not a one-time thing – it is a long-term purchase – you have to pay premiums yearly.
When it comes to Income Protection Insurance – for reliability and trustworthiness, you should choose Aspect Underwriting. They are committed to offering the highest level of services to their clients. They offer an online quote for their income protection insurance policies, which means you can protect your income in just a few minutes, without having to visit a location.
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
