As income protection insurance becomes almost imperative for the working class, getting income protection quotes online also becomes very easy. Just fill out a form with basic information like name, age, gender, income, amount cover, occupation, smoker or non-smoker, medical conditions if any, post code, email address and mobile number and submit the form online. Quotes from all major insurance companies in Australia will drop into your email inbox almost overnight. But it helps you no more than knowing how much premium you have to pay. The main reason for getting the income protection quotes is to know how you can benefit, how much money you can expect to get monthly when you are unable to work for any reason. And for this you need to understand the different types of plans available, how they work and how they can benefit you. Types There are three basic types of income protection plans; these are guaranteed policies, reviewable policies and age-related policies. In the guaranteed policies the premium stays the same for the tenure of the policy unless the cover is increased. If taken for a shorter tenure this policy may turn out to be expensive but for medium and long-term plans this type of income protection can be quite useful. As the name suggests in the reviewable policies the policy is reviewed regularly. Mostly it is reviewed annually to check for change in age, health condition, occupation and other things. Accordingly the premium amount is raised every year. Compared to guaranteed policies these policies start cheap and can get expensive in the long term as the premium keep increasing every year. The 3rd type is the age related income protection policy in which there will be an increase in the policy as you age but you will be informed in advance when taking the policy about the increase. This policy is suitable for those who are likely to make the claim like smokers, individuals working in high-risk occupations etc. Benefits To get the income protection quotes that really benefit you should know what to look for. All policies offer a regularly payout monthly when you make the claim. In addition there are other optional extras you can choose like terminal illness cover, lumpsum amount on death and waiver of premiums when you are incapacitated. This will also provide support if you need rehabilitation. But as the extras increase so will the premium. So when you seek a quote from different companies you should ensure that you are asking information for the same type of policy and extras and then compare. Visit : http://www.lifeinsurancedirect.com.au/
How To Get Income Protection Quotes That Benefit You?