The 9 insurance companies and saving of 40% is based on the highest priced product available on Rate Detective's panel versus the lowest priced product on that panel, as at 20/06/2016 and based on hypothetical 42 year old female non-smoker seeking $1m life insurance cover (premium level). Not all life insurance providers in the market are included in the comparison. The amount of any savings will depend on your circumstances.
This offer is available for all insurance companies that are on our panel. To take advantage of this offer, mention the offer to Rate Detective at the time you submit an enquiry for a quote. After 12 months we will email you a reminder that your rebate is due, so you can call to confirm your details. To be eligible for this offer, your policy needs to remain in force for the full 12 months. Any rebate to which you are entitled will be paid directly into your bank account or provided on a Gift Card.
If your policy is taken out through a Superfund, other than a SMSF, once we receive confirmation from that fund that it has rolled over the money to the insurance company you have selected, we will pay 20% of the rollover amount to your nominated bank account.
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Income Protection Insurance for Engineers
According Australian job site mycareer.com.au, the average annual salary of an engineer is $123,860. This is at the upper end of the scale, since average Australians earn only somewhere around $61,000-80,000. Thus, if you are an engineer living in Australia, chances are that you are better off than most people in the country.
But what would you do if you suddenly fell ill or got injured in an accident and are unable to work? Do you know where you will look for the funds for your medical expenses and the kind of lifestyle you are already accustomed to? How will you pay for your bills and mortgage?
You might not like to think about these things, but it is important to be ready all the time for emergencies that could hurt your finances. The great thing is that there's what's called income protection insurance.
How Income Protection Insurance Works
Income protection insurance is a type of insurance that helps cover your financial needs in case you are unable to work due to an illness or injury. Depending on your policy and the price of your premium, you could receive up to 75% of your salary. Benefits are then paid out on a monthly basis, which enables you to settle your regular household expenses such as your utilities, as well as your debts, including your mortgage.
Why It Makes Sense to Have Income Protection Insurance
You might look at income protection insurance as an unnecessary expense you have to make. After all, who knows if you'll actually need it in the future? But it makes a lot of sense to be covered, because:
It can help protect your assets. If you need hospitalisation and extended periods for recovery, these things will require money. You could sell off your assets to pay for your medical costs, but wouldn't it be better if your insurance policy took care of that?
It gives you peace of mind. If you're worried about your future, then you can relax if you have income protection insurance. That's because even if you're unable to work, you'll receive regular income while you're recovering.
Contact us on 1300 793 143 and we will organize you quotes from up to 9 Insurance companies in under 10 minutes. Our consultants will talk you through the process. Contact us today for more details!
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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information or advice on this website, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Please note our advice does not include independent financial, legal and taxation advice prior to acquiring a product.
Not all providers of insurance, mortgages, and credit cards on the market are included in our comparisons. The amount of any savings will depend on your circumstances.
The financial products compared on this website do not necessarily compare all features that may be relevant to you. Comparisons are made on the basis of price only and different products may have different features and different levels of coverage.
Compare life insurance, home loans, income protection and credit cards to find a competitive rate for your situation by providing you prices for all products on our panel. There are hundreds of choices out there, and our guides and calculators can help you when you are searching for these products.
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