Income Protection Insurance – Not all offerings are similar, in fact I would go so far as saying some are complete and utter rubbish!!!
If you knew that around 40 percent of all income protection claims were for mental health related issues would you buy an income protection policy that had a blanket mental health exclusion? Find out more about Income Protection Insurance here.
Income Protection Policies:
The Pinnacle Life policy has the following list of exclusions. Taken from their sample policy document dated 23/09/2020 from their website.
And in regard to price, you may think this is great value compared to fully featured income covers. The price for a 40-year-old male non-smoker for $5,313 of cover per month payable after 8 weeks for two years is with Pinnacle Life and is $49.60 per month, this price is only because you get an online 10% discount.
A fully featured product with cover for mental health starts from $52.27 per month (AIA). For an extra $2.50 per month you get a policy that has fantastic breadth of cover. If I needed to claim I know which company I would like my insurance with. Even the life cover offered by Pinnacle Life has a list of exclusions…..
Please do not buy online:
The products do not offer value and do not have the back up of a helper at claim time. We uncover claims every year in the review process that would not ever be paid if there was not a broker involved. Leaving clients many many thousands of dollars worse off.
We can offer better products, often at a better price and you can do this all from your home through ZOOM, TEAMS and Skype meetings if you don’t want to meet with us in person. If you want help finding the best cover, want someone to be with you at claim time, someone who will review your covers and not pay any more for the service please contact us to have a chat. We would love to help.