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 Train Drivers
Being a train driver seems like an easy and straightforward work. But the truth is that more than just taking passengers from point A to B, you also need to ensure their safety. That includes your driving of the train to providing the maintenance crew with timely updates on possible issues with the train.
While you ensure other people's well-being, have you thought of doing the same to yourself and your family? Think about this: nobody really knows what's going to happen in the future. Chances are that you might get seriously sick or injured that you won't be able to go to work. And while you're recovering, where will you get the money for your daily expenses? Sure, you could use your savings in times of emergency, but wouldn't it be better if you just used it for its original purpose, say, a vacation or your children's college education?
You don't have to worry about all these if you have income protection insurance. With this type of insurance, you will be able to receive benefits of up to 75% of your gross salary on a monthly basis. It's like you're still earning income even when you're unable to work. What's more is that not having to worry about your finances enables you to focus on your recovery, so that you can join the workforce sooner than later.
When taking out income protection insurance, you need to familiarise yourself with these concepts:
Indemnity and agreed value policy. Insurers provide you with options between the two, which are ways of determining the value of your benefits. An indemnity policy is based on your average salary, while the agreed value policy is based on a predetermined value you choose with your insurer. The former is more ideal for those who receive regular salaries, while the latter is for business owners and self-employed individuals
Waiting period. This refers to the period of time you need to wait before you receive your benefits. It may be as short as 14 days, or last up to several years. What you need to remember is that the shorter the waiting period, the more expensive your premiums will be.
Benefit period. This is the length of time within which you will receive your benefits. This typically lasts up to two years, but it is not uncommon to have benefit periods of up to 5 years or more.
Get Insured Today!
It's important that you take out income protection insurance sooner than later. That is why we recommend that you talk to the qualified advisors at Rate Detective today. They will help you find the best policy for your needs by assessing your personal circumstances as well as providing you with rate comparisons of Australia's top insurance companies. 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.
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