Comparing insurance plans
This is the first thing you should do when you decide to purchase an income protection policy mainly because comparing plans can help you identify which policy is ideal for you and the cost of the plan you want to purchase. While comparing the selected policies you should look for a few things so that you can know accurately which plan to avoid and which plan to opt for.
Comparing the benefits and the price of the plan along with comparing the cost of add on benefits can help you understand which policy is suitable for your needs. Comparing exclusions and restrictions is a must before you purchase an income plan online or elsewhere.
Using the services of an insurance comparison website can help you in two ways, these agents do not charge any fees for the comparison services they offer online and these agents offer policies from at least 10 reputed insurers which ensure that you get maximum choice.
Agents may also assist you in the application procedure and may help you with the claims procedure as well. Insurance comparison websites offer help via a toll free number, helpline number, online chat and a few other contact methods. Remember to choose a reputed agent who can fulfil his obligations towards you as a buyer.
Affordable & flexible policies
The policies offered on these sites are usually of two types; affordable and flexible. Affordable policies may have certain restrictions where as flexible policies that cost a little extra do not have as many restrictions. If you want to enjoy both an affordable policy that is flexible, then talk to the agent, use advance premium payment discounts and make use of smokers discounts and other discounts that may be offered by both insurers and agents.
Product Disclosure Statement
Before purchasing any policy you should ensure that you have done three things that are; read the Product Disclosure Statement carefully, talk to the agent regarding any doubts you may have and calculate how much premiums you can pay comfortably every month.
Ask your insurer and agent if they offer a benefit that halts the premiums on your policy and makes you eligible to enjoy the policy for no premiums while you are enjoying the benefit period. This perk may be offered for a nominal fee, but is extremely beneficial.