Life Insurance, TPD & Income protection Insurance

Hi Guys,

I'm in the process of getting a quote for Life, TPD & Income protection Insurances. I'm currently insured through my super (Australian Super) but want to pick people's brain on this forum on who do they use for these insurances and their experience so far? Premium on Australian super is going up in a month or two by roughly 50%.

I'm thinking of getting a policy for $2m (my total debt) for death & TPD and $7k per month as income protection (75% of income).

Cheers,
Teshy
 
I just received the correspondence from Australian Super regarding the price increase. I have never heard of any other business increasing their prices by 50% and retaining customers. I am looking elsewhere just like you are.

Interested to hear other peoples comments.

Have you looked at the rates charged by other super funds?
 
My reserach showed AS is good value for Life and TPD, but not that great for Income Protection. I have my Income Protection with someone else.
 
I was about to make a thread about this until I saw yours....

I Have income protection with CBA which seems to be fine, if I loose my job will also pay my home loans for up to 3 months which is handy.

Been thinking of increasing the waiting period from 1 month to 12months as I have 12months + sick leave at my company and this would reduce my premium by heaps! and then again I am also thinking of getting rid of it all together at the same time I am so confused when it comes to income protection! :confused:
 
So far what I've been told Auzzies can't get paid for loosing their income
Americans can, and I mean it in the most corrective financially literate way unless ur a capitalist investor entrepreneur.
 
That was 3 years ago don't think Auzzies actually changed that and I mean it in the most direct way you literally can't get cash flow in Australia insurance a lot more work needs to be done to take part of it unless I'm not creative.
 
So far what I've been told Auzzies can't get paid for loosing their income
Americans can, and I mean it in the most corrective financially literate way unless ur a capitalist investor entrepreneur.

'Income protection' policies would suggest otherwise.

An income protection policy won't cover you if you loose your job though. It only kicks in if you can't work if you're sick or disabled, etc. It doesn't help if you quick, get fired or are made redundant.

jacked is referring to 'loan protection' which is a policy many lenders add on which covers your loan repayments in the event you're not working. The problem is that it only covers the loan, it isn't going to put food on the table. Income protection is better but loan protection does cover a few things income protection won't.

Many lenders will add loan protection to an income protection policy if your loan and income protection are all with the same financial institution.


Generally speaking, it's a mistake to simply look at which policy is the cheapest. A cheap policy is not cheap if it won't pay out when it's needed. In my own case many insurers won't cover me because I scuba dive on weekends. I've had to go with an insurer that will cover these activities but it's costing extra. Teshy might want to give up the rattlesnake wrangling.
 
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