Income Protection Insurance Question

Hi all,

I'm reviewing my income protection insurance as my existing policy doesn't cover my current income.

However looking around it's a bit confusing to understand who the best insurer is (i.e. in the event of a claim being required).

Does anyone have any recommendations of reliable insurers that I can chat to? I wasn't sure where to post this thread so sorry about posting it here.

Thanks
Al

 

That is why you need to be licenced to advise on insurance.

 

Contact an insurance broker who covers more than just one insurer's policies.

 

Talk to an insurance broker or you will have to do your own research.

 

Agree with @Scott No Mates and @hobartchic , talk to a broker. When I was reviewing my IP insurance, we discussed the differences between policies that assess your health at the time of initial application and those that don't. There may be big differences in the outcome.

interesting watching - Who's who in the Commonwealth Bank's life insurance scandal?

 

Are there any insurance brokers on this site?

 

Are you sure you "need" to cover your current income in full?

 

@brettc

 

I thought @brettc Was for ip landlord building insurance only, didn't know he does income protection insurance too

 

Ah, you are probably right, maybe he doesn't do the income protection,.

 

As a company we can do pretty much anything, if you'd like to private message me your contact details I'm happy to put someone in touch with you.

 

That’s certainly the goal although most of the insurer’s will only cover up to 75%.

 

TAL and AIA are the top ones.
Some banks may have added benefits of you have mortgage with them. Like, they may freeze your interest payments when you are in trouble.

 

@alexm I think it's best to use a broker to compare all of the options for you, rather than speaking directly with the insurers.

I've been an insurance broker in this area for over 12 years and deal with a range of insurers offering income protection. It is quite complex and can be difficult to compare policies and understand all the various aspects and potential pitfalls.

 

Just to avoid spam by creating the new thread, I am reviving this thread.

I am reviewing my IP insurance policy and planning to increase the benefit amount. During this process, exploring if I need to change my insurer. I am with AMP. Is there anyone using AMP for IP and any feedback on them.

Or any better alternatives. @devank?

Appreciate your thoughts.

 

How long have you held your previous policy. We looked into changing earlier this year but after the interview and medicals, we decided to stay put! (Of vourse it depends on so many personal things but go in with your eyes open ).

 

I am with Zurich don't have much feedback to as I am lucky to not having to make a claim. Their products are pretty comprehensive though.

You should really be talking to your planner/insurance broker.

 

Was. But I switched to One Path about a year back... . For double the coverage, I'm paying only 10% more than what AMP was charging me. (well, my SMSF)

 

I am with AMP from last 6 years. Are you with AMP?

It seems there is good or bad, all depends on a particular situation/ claim and how they respond? I am trying to find the review here but most of them are rating with 1-2 stars.

 

No, with AIA.

As others have said, find an independent broker to discuss the options for your situation and the pros/cons of moving.