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 Self-Employed Individuals
When you are self-employed, your income has the tendency to fluctuate based on various reasons. It could be that the industry you're in has its low seasons, or that you are affected by movements in the economy. Whatever the reason for these fluctuations, a certain amount of uncertainty is part and parcel of being self-employed.
Because of uncertainty, it becomes even more important for you to protect yourself from unforeseen circumstances. What if you suddenly fall ill or get injured in an accident? While people with day jobs have sick pay to cover their needs, you don't. Or even if you have saved enough money for emergencies, you'll likely burn through that quickly if you suffer from a serious condition. That is where income protection insurance comes in.
What Income Protection Insurance Is
Income protection insurance is designed to help cover your financial needs if you are unable to work due to an illness or injury.
Depending on your policy, you could receive up to 75% of your salary on a monthly basis. You could then use the money to pay for your bills and debts. This is even more important if you have a mortgage to pay, since you have to avoid defaulting on it if you wish to keep your property.
Agreed Vs. Indemnity Value Insurance
Your insurer will usually give you an option between an agreed or indemnity value income protection insurance policy. In an agreed value policy, your monthly payouts are fixed to the salary you had from the first time you applied for the insurance. Meanwhile, your last few paychecks prior to your lodging a claim will be the basis of the value of payouts you will receive in an indemnity value insurance policy.
As a self-employed individual, it is often more practical to choose an agreed value insurance. Why? That is because you're protected from fluctuations in your income. So in case you experience a slump in the past month, that will not have any bearing on the payouts you'll receive should you lodge a claim today.
Apply for Income Protection Insurance Today
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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RATE DETECTIVE PTY LTD. AUSTRALIAN CREDIT LICENCE NO. 469009
The Rate Detective brand is operated by Spotter Finance Pty Ltd an authorised representatives (AR Number 1254369) of Crown Wealth Group Pty Ltd ABN 22 603 037 510 Australian Financial Services Licensee 494274. Spotter Finance and its advisers are authorised to advise and deal in superannuation and life insurance products only.
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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