Income protection insurance

Income protection insurance can help cover your ability to earn an income.
 
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02.Agreed value insurance

CHOICE teamed up with Rice Warner Actuaries to evaluate agreed, indemnity and superannuation policies. Below are a selection of the best agreed value policies, as assessed by CHOICE and Rice Warner. As there are so many variables to weigh up when choosing a policy (age, whether you smoke, pre-existing conditions, etc), we have used scenarios to help you assess the one that most closely matches your situation.

The following scenarios assume the client is a resident of NSW, a non-smoker, the waiting period is 30 days, and that benefit period is to age 65. The monthly premiums are current as of April 2011, however premiums will vary depending on a number of factors, so use these as a guide only.

For a good quality agreed value policy for a 45 year old non-smoking male professional accountant with a $7500 monthly benefit, a waiting period of 30 days and cover until age 65, the monthly premium was on average about $173 (stepped) or $261 (level). For women in the same scenario, the cost was about $270 (stepped) or $401 (level).

Accountant

Income protection insurance agreed value $7500 level

Income protection insurance agreed value $7500 stepped

 

Clerk

Income protection insurance agreed value $5000 level

Income protection insurance agreed value $5000 stepped

 

Electrician

Income protection insurance agreed value $3500 level 

Income protection insurance agreed value $3500 stepped

 

 

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