We often stress the importance of income protection insurance, and this is because it is so important. It is one of the best possible ways to protect your financial future, especially if you have a family to support or a mortgage and debts to pay. The younger and healthier you are, the lower your premiums, so there really is no excuse as to why you shouldn’t be purchasing a policy today.
However, that doesn’t mean that mistakes can’t be made. If you are purchasing income protection insurance, you might be too busy thinking about how important it is and then make a mistake in your application process.
No matter what type of insurance you are purchasing you need to be sure to avoid simple mistakes that could create a financial nightmare for you later on.
Thousands of Australians purchase insurance policies every single year, often without reading the fine print. Not only does this cause confusion when it comes time to claim, but it can be quite a costly mistake.
When buying any sort of income protection policy it is important that you look for the most significant details of the policy and read into those areas. This includes the benefit period, the waiting period, any exclusions of the policy and what is included in the premium.
The reason it is advised that you watch out for these are that these are mainly the reasons why a claim can be rejected when you believe it shouldn’t have been. If you are attempting to claim, yet your waiting period isn’t over, or you aren’t covered due to the exclusions in your policy you will soon learn why you need to read the fine print.
Secondly, you need to avoid the mistake of buying the cheapest policy. While it is important to find a policy that can fit into your budget (and there are plenty of well-priced policies out there) this isn’t the only factor you need to take into consideration. You can’t only be looking at the price, you need to look at your policy in the bigger picture. This way you can still find a policy that fits into your budget but will also meet your needs if something happens and you need to make a claim.
However, it doesn’t end here. You could find yourself stuck in a financial nightmare if you aren’t selecting a trustworthy and reliable general insurer to purchase your policy from.
When looking for a general insurer, look for one who is reliable and offers tailored solutions for a range of insurance offerings.
Aspect Underwriting offers tailored insurance solutions, and bespoke accident and health insurance services. With over 40 years of collective experience in accident & health insurance, Aspect Underwriting can provide well-priced insurance solutions. This way you can be covered by an insurer you can trust.
Financial mistakes can be avoided with the right insurer and the right insurance policy. So watch out for super low premiums, make sure to find a trustworthy insurer and be sure to read your policy very carefully.
If you are looking for the right income protection insurance policy, then get in touch with Aspect UW today.