Australia offers so many opportunities for its citizens which help them enhance the level of their lifestyle. Take for example income protection insurance policies and overall benefits. Such policies are tailor made for the standard benefits. It all depends upon individual choices and favorable circumstances for desired benefits which one may like to avail. Selection of $10,000 for standard risk occupation and $3,000 for special risk occupation is often preferred. The variation in payouts is possible as no exact amount get disbursed.
Monthly funds payable from Australian income protection insurance policies are often brought into limelight. The basic factors like income benefit going lesser of the income benefit actually shown on policy document and schedule would end at 75% of the average monthly pre-claim earnings as part of rules formulated in a policy contract. It must be noted that income protection insurance policies have their specific rules on all stages. Such policies are common in Australia because benefit level is comparatively higher and insurance jargons are rarely seen in them. There are certain conditions though at which insurer parties can deny paying such claims:
- No claim payment is agreed at from these policies due to direct or indirect pre-existing medical condition
- The condition occurring in last two years before policy enforcement are taken into account
- Any pre-existing medical condition including injuries, illnesses or other medical symptoms
Policy Buying Rules:
Income protection insurance policies are sold to individuals actually deserving them on the basis of fulfillment of all terms and conditions. An applicant must possess Australian or New Zealand citizenship. Anyone having Australian Permanent Residency Visa is permitted to apply for income protection insurance. One more condition is an applicant must reside and work in Australia to complete the eligibility criteria.
Of course Australian policy buyers take appropriateness of information into consideration to obtain detailed facts of the objectives besides assessing their own present as well as future financial needs while making a buying decision.
The proven fact is that income protection insurance policies, as their names suggest, are excellent means of a regular monthly alternative income when permanent income source ceases – due to several possible situations including premature death or work disability.