So you are looking for the best income protection insurance policy on the market? We have a lot of our clients ring in and ask for exactly that, however, for you to decide upon which is the "best insurance policy" for you an understanding of how insurance companies price income protection is helpful. Insurance companies all offer a "no frills" package which is generally the cheapest and a "plus package" which has optional extras. If you don't care about optional extras the choice of "best" for you might come down to price. This is often the case if the cover is required just to allow you to work on site or you don't care too much about the optional extras on offer and just want your income protected should you become sick or injured.
As you have probably guessed by now, the cheapest policy often will not have a lot of optional extras. Options are available through income protection for such things as rehabilitation (physio etc.). Some income protection policies also include lump-sum payments for certain trauma conditions (up to 6 times the monthly benefit paid as a lump-sum). Other income protection polices offer no waiting period for specific conditions. You see each insurance company tries to differentiate itself from the other by offering these special terms in their plus packages. If you are looking for these optional extras then you are going to have to pay more for your income protection.
All this might sound confusing, but Rate Detective can help via the quote we send out. Each quote contains a scenario score which shows how an independent third party rating agency has rated each policy on the core features (no frills features) as well as the non-core features (optional extras). In constructing their ratings, the ratings agency has looked at all the features in the product disclosure statement as well as such things as history of claim payments for each insurance company.
When looking at the scenario score on your quote the first number highlights the core features and the second is the optional extras. So your choice of policy not only comes down to price but also features and claims payment history. When selecting the "best policy for you" you should take all this into account.