Income Protection Insurance - A Wealth Of Information On Insurance

Copyright (c) 2014 Kerrie Peacock

There are different types of income protection insurance policies offered by different companies, and the challenge for you is identifying the best possible policy for your situation. To identify the most suitable policy for you, information is critical; when you append your signature to the insurance contract, you should do it from a position of full knowledge of what else is in the market. You can get all the information you need to guide you into making the right decision from our income protection insurance wiki.

Definition

Our income protection insurance wiki gives you a comprehensive definition of what income protection insurance is and what it entails. You will be able to understand how you can get a safe landing financially once you find yourself suddenly out of employment due to illness or injury. The conditions of how you can get your benefits are also explained, and the two types of contract that include the indemnity and agreed value contracts are explained.

Taxation

Your income protection insurance will be affected by taxation and it is important to understand how taxation will be done on your premiums and your benefits. Income protection insurance is tax deductible, but there are instances when your benefits will not be tax deductible, such as when you get a lump sum payment. Tax deductibility in different situations, such as when your employer takes out the policy on your behalf, or when the policy is under a super fund or stand alone, are all discussed in detail in our wiki site.

Comparing Policies

Knowing how to compare income protection insurance between different insurance companies is important so you can get the best possible deal from the various options availed to you. When you visit our income protection insurance wiki, you will get step by step guidance on how to go about comparing the various insurance policies and how to identify what is most suitable for you. The main issues you should look out for, including the premium or level of cover, are some of the things that are highlighted for you to be aware of.

Redundancy

Life insurance companies do not offer you an income protection cover when you are made redundant. However, there are benefits within the policy to assist you once you are made redundant. Among them is the waiver of your income protection insurance premiums for a specified period of time to offer you some financial relief as you look for new employment. Recently, general insurance companies have begun to offer income protection cover for redundancy.

Super Funds

Getting the right information on the implications of taking out your income protection insurance under different circumstances is very important. The differences in taking out your policy in a superannuation fund, a self-managed superannuation fund (SMSF) or as a standalone policy are well spelt out in our income protection insurance wiki. You will get to understand how you will be affected and the best way to go about getting your policy to ensure you are adequately covered when the time comes for you to claim your benefits.


----------------------------------------------------
Kerrie Peacock is an expert in the personal insurance industry. She offers vital insights to help Australians make competent financial decisions. More professional advice can be sourced from MeCovered. To get more insight on a cover that suits you, visit http://www.mecovered.com.au/income-protection-insurance-australia-wiki .