Medical Indemnity Insurance Australia Comparison


Guide to Income Protection Insurance: Income Cover in Australia | The Beginner’s Guide to Income Protection – The Basics of Income Protection:
http://www.lifeinsurancefinder.com.au/life-insurance-videos/

Learn more of the benefits and features of Income Protection Insurance in this video guide, with tips on how you can compare multiple Income Cover policies to find the one that suits your needs.

Want more quick tips and fast facts on Income Protection? Go to: http://www.lifeinsurancefinder.com.au/insurance-types/income-protection-insurance/, or

Download Life Insurance Finder’s free e-book on Beginner’s Guide to Income Protection!
http://www.lifeinsurancefinder.com.au/the-beginners-guide-to-income-protection/

Get a free comparison of Australian life insurance quotes from http://www.LifeInsuranceFinder.com.au/

Follow us @lifinderau
Like us! www.facebook.com/LifeInsuranceFinder

TRANSCRIPT

What do you consider to be your most valuable financial asset?

Is it your house? Your car? …or is it your ability to earn an income?

Statistics have shown that one in three Australians have a chance of becoming disabled for a period of up to three months before turning 65.

Could you survive for three months or more with no income and still pay for all of your living expenses, medical costs and outstanding debts?

This is where Income Protection can help, by providing a monthly benefit of up to 75% of your regular income if you are unable to work due to serious illness or injury.

What are some of the other benefits of income protection?

While WorkCover protects you in the event of an accident that occurs at work, Income Protection covers you even if you are ill or your injury occurred outside of work.

You are also able to design your income protection cover according to your own needs, with additional benefits and policy features to ensure the right level of protection is in place.

These benefits can help cover the costs of rehabilitation and any professional nursing care that may be required while you are recovering. Additional benefits will often be paid in addition to the monthly benefit of 75% of your income.

Some policies will also offer a Death Benefit, paying a multiple of your monthly insured income in lump sum to your dependents in the event of your death.

How are income protection premiums determined?

The premium you pay will be based on the perceived level of risk you carry. This is determined by a range of factors including:

Your age
Any pre-existing medical conditions
Whether you smoke, and
The nature of your occupation
Your premiums will also be determined by the policy you choose and how it is structured. Important factors to consider include:

The waiting period before the benefit is paid, which can range from 14 days to 2 years,
A benefit period is the period during which you will receive benefit payments. This can range from two, five years or until the age of 65,
and whether your benefit payment is structured as Agreed or Indemnity Value
With an Indemnity policy, the benefit is determined by your gross income in the year before a claim was made. An Agreed value policy will pay the benefit amount that was applied for when the policy was taken out. Agreed Value can be more attractive for self-employed workers with fluctuating incomes.

You can choose to pay your premiums either fortnightly, monthly or annually, although these option may vary between providers and unlike other life insurance policies, Income Protection premiums are generally tax-deductible.

Looking to apply? http://www.lifeinsurancefinder.com.au/post/insurance-types/income-protection-insurance/finding-the-best-income-protection-insurance/

One Response to Medical Indemnity Insurance Australia Comparison

  • We have just released a new instalment to our Beginner’s Guide Video series
    on Income Protection.

    Drop us a comment below or share it around!

         

02/23/11
More On Medical Indemnity Insurance
Article by Richard Tjiong On Medical Indemnity Insurance in Australia


27/11/14
Medical Association Of Australia
News
News About Medical Reform


Medical Reform - Richard Tjiong

Subscribe

 Name

 Email


 Subscribe