Insurers have increasingly seen the need for certain improvements in income protection insurance products.
Most people are now aware that they really do need income protection in case serious illness or accident prevents them from working. Knowing that their lifestyle is secure with income protection insurance gives families peace of mind. The only trouble is that many people are now working well past retirement – and most income protection only stays in force until the age of 65.
At least, that is how it was until recently. But now insurers have seen the need for income protection insurance in Australia for those who work after this age; so one of the latest trends is to extend protection to the age of 70. In the past protection seemed to go on until this age, but it was only the payment portion; the accident or illness had to have happened before the insured person turned 65.
Another trend is that income protection is now much easier to qualify for. A ten hour rule has been applied that means the person who is getting a payment from their insurance can go into work for ten hours a week to help keep things rolling without it having any effect on the payment.
The payment amount has also been increased more recently. While income protection usually pays 75% of your salary, such payments have increased in many cases. Naturally the premiums are higher to cover the risk, but often 75% simply was not enough income. You can now get 80% and sometimes even 100% of your salary covered.
Traditionally it has taken quite a long time to get some people insured, with the application form taking ages to be processed even after it had been received, but insurers are also working on this problem and many can now sometimes insure their customers in as little as 15 minutes when it is done online. However this will often depend on the details of the application.
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