Income Protection - ballpark figure

Hi

would $480/month for income protection for $110,000 be considered reasonable.
First time I am looking into this so no idea

On another note anyone heard of Lantana Private Wealth management


TIA.

 

It is affected by things like your age, health and waiting periods.

It is like saying "I paid 52k for a Mercedes - is that expensive?"

There are a few online insurance brokers you can contact as a price check - or an industry super fund.

 

How did you arrive @ $500/month?

 

Talking to a friend, said they were paying $480/month on salary $110,000. got me thinking?

 

Almost 6k per annum premium !!!

Just checked mine which is done via Super:
For 96k cover is $1,200 per annum premium, but it would be higher with a shorter waiting period of 8 weeks instead of 13 weeks.

 

What colour was it?

 

Completely depends on your personal circumstances, type of employment, health, policy requirements etc.

Comparing what you could receive compared to others is like asking any random person on earth what the temperature is on the other side of the world and then determining it must be the same temperature where you are.

 

Factor in how long you can survive before you get paid ie what buffers do you have in place eg. Savings, offset, sick leave/holidays etc 's monthly expenses like mortgage, living expenses, health/insurance premiums.

A $2k spray job fixes everything.

 

I think the premium is much higher if you hang around the Druitt.

I got a quote from some company that was associated with my private health fund. The quote was astranomical.

I told the fella that his quote was daylight robbery and suggested he should get into the mugging profession as it's more credible.

And, mind you, I had to answer about 50 questions to get the quote. Now I receive unsolicited emails/text messages from all sorts.

 

How much of your income will it replace, and how long is the waiting period before it kicks in? 75% and 90 days?

 

I didn't realise that you got disbarred and can no longer solicit.

 

Anyone know if you can have more than one income protection insurance policy?

I got one through my super fund about four years ago and recently tried to update the income amount to get it closer to my current pay. The insurer refused because they classify my occupation as high risk (despite the fact I haven't changed jobs since taking out the policy)

 

@Tim & Chrissy - You might need to either top it up from a second policy or start a new one elsewhere. You are limited to 75% coverage of your income in total but would need to chat to a broker to work out how to achieve it.