Bill Protection Insurance covers a variety of bills however; the number and type of bills that will be paid for by the insurer will depend on a many factors such as but not limited to the type of plan selected and the premiums you pay annually towards the selected plan.
All plans should be purchased by working adults who have bills to pay and expenses to take care of every month. To purchase one of these plans, you have to be a minimum of 18 years old and you have to be a permanent resident of Australia or a citizen of the country.
5 Additional Benefits of Bill Protection Insurance Plans
- Bill relief plans offer a choice of monthly benefits which means that you can choose the cover limit and the benefits you want. The lowest cover limit offered for bill covers is $500 where as the highest cover limit offered for bill covers is $4,000; however this amount varies amongst different insurers.
- Bill protect insurance plans offer a unique benefit known as guaranteed acceptance. This benefit ensures that you do not have to take medicals and answer long questionaries in order to get the selected plan. You may have to take a basic medical if you either have pre-existing medical conditions or a family history of genetic problems; however you will be informed in advance if you have to take any sort of medical test to get the plan.
- This plan offers cover for both illness and injury which means that when you fall ill you are protected financially by the insurer. This also means that when you are temporarily but seriously injured and disabled then the insurer will offer you the financial compensation. A few eligibility criteria have to be met; also the definitions of the plan if any have to be met. If you are made redundant by your employer and you have been laid off or asked to quit your job due to a few covered reasons then your insurer will help you pay your monthly bills. In such a scenario, your insurer will cover you for a maximum of 3 months, to help you search for another job without you having to worry about making bill payments. To ensure that you get this benefit for redundancy, you may have to prove to the insurer that you are actively seeking out a new job.
- Tax deductible premiums is another additional benefit offered by bill relief insurance plans. Insurers may offer various tax benefits to buyers who opt for basic and comprehensive bill protect plans.
6 Add on Benefits of Bill Relief Insurance Plans
While some of the benefits mentioned here are offered for no additional fee, other benefits may be offered for a nominal cost. Premium plans also known as comprehensive plans offer a range of add on benefits for no additional cost where as basic plans that are economical offer a limited number of add on benefits.
- The hospital benefit pays for hospital expenses for each day you are hospitalized as a result of the illness or injury you are filing a claim for.
- The premium waiver benefit ensures that you do not have to pay premiums when you are enjoying the other benefits of the plan. The premiums are waived off if you opt for this add on benefit and if you have filed a successful claim. The premium waiver benefit is only valid until you are given the monthly compensation payout.
- The children’s cover is a premium benefit offered for a nominal fee and this benefit offers a compensation payout if your children fall ill or are injured.
- The Joint policy cover offers a discount to either your spouse or eligible family members if they want to purchase a bill protect insurance plan as well.
- The automatic indexation benefit ensures that the cover limit and benefits of your plan increase every year according to the CPI index. This helps you fight inflation and get maximum benefits from the selected insurance plan.
- The guaranteed renewability benefit is a premium benefit that can help you stay financially protected until your 65th birthday. This premium benefit makes sure that you get a monthly payout when you file an eligible claim until you are 65 years old; provided that you pay all premiums on time. Your health, your occupation and your lifestyle does not adversely affect your plan if you opt for this add on perk.