Printable View
We would like to arrange income protection for my DH, who is our primary income earner. I have had a quote from CBA and I was a little shocked at the cost - over $50 per WEEK!
So, do you have income protection? Who are you with? Why did you choose that provider? And how much do you pay?
We are looking at life insurance also, for both of us, but haven't had any quotes yet, so any info on life insurance would also be appreciated!
Subbing too because this is a huge issue for us at the moment, we are looking at buying an investment property and the what if's worry me but far out $50 a week? In the event of something devastating happening either one of us would be ok and could sort things out with super/life insurance but its more that if something happens to DH and he can't work for any period of time. Anyway - not much help am I sorry!
Oh I have a life insurance policy on my life a while ago that was for around 100k and was around $15 a month?? That was a while ago though with one of the big 4 banks..
DH has his income protection through his super. It is cheaper that way, and also doesn't hit us with any out of pocket costs as it is paid from his super.
dont forget it is claimable on tax!!
we also have it and whilst its not cheap it is important!
We have life insurance, income protection & TPD all through our super my DH is covered for approx 800,000 & myself 400,000 since becoming a SAHM. The cost of super insurance compared to other retailers is usually quite a bit. I just had a quick squiz as I just got my statement and for the 6 months ending this June I paid $121.50 for all 3. DH's was around $260 for all 3 for 6mths for the EOFY 2010. Not had his new one as yet. We are both with an Industry Super.
Hope that helps.
I am subbing as well...
We have been thinking about getting both life and income also ...
So, sorry Nickle :D but I have no info either
Premium for IP, Life and TPD cover will vary according to your personal circumstances (age, bmi etc, debt level, occupation). You can't really compare yours to what someone else is paying. DH is a financial adviser (own business) and will compare premiums from all top companies for his clients. I would suggest you find someone similar rather than go with individual companies (banks are usually higher premium). There is no charge for this service. that way you know exactly what you are getting for your money (while someone else does all the research for you! :) )
Also, cover through super may be cheaper but the payout is usually for a limited period - usually for only 3yrs after the claim, compared to say age 60, 70, 75. It does pay to do your research. You also need to keep in mind exactly how much cover you should need to cover your needs - don't buy insurance without someone doing a risk analysis for you first. HTH.
:bump: This thread again ploise!! Nickle - How did you go?? What did you end up doing. I think we are going to get a risk assessment person out to do ours and work out the best thing for us. Would you need income protection til 65 though?? Our thoughts are if DH hurts himself at work, its covered under Work Cover, if it's in the car, it's TAC so it's anything else obviously at home or illnesses we are needing, so we would get it 1 month after he stops work for up to 2 years we think? So hard to know what to do!!
[QUOTE=Tanstar;3151903, if it's in the car, it's TAC [/QUOTE]
DP had an accident on his motorbike last year, it took quite some time for us to start getting TAC payments, i had to call the bank and get our mortgage payments lowered aswell as get some extra centrelink benefits and we STILL struggled... remember they don't pay your full wage, they only pay a portion of it.. so income protection would still be very beneficial.
It's something we need to look at but as DP qwas a bit on the heavier side we found it hard to get people to cover him :(
We better start looking again though.
Income protection is 75% of income, DH is a subby so it's all odd because on paper he doesn't make much money. What percentage do TAC pay hun??
I can't remember what it was but DP is self employed (contractor also) so it also looks less on paper.
Sent from my iPhone, more than likely while I should be doing something else!
We pay about $200 a month for income protection for DH. We're currently organising life and trauma insurance through our super for both of us. We reduced our health cover to make up for some of it. The cost sucks, but if anything happened to him, we'd be stuffed.
Wow that is huge L&B. I thought the $56 a month I got quoted last week was high and that was for $3600 a month for 3 years after one month.... Eeeps need to do some investigating.
We ended up getting life insurance for both of us. We both have life insurance through our super, around $300K each. We now have policies for $1M each on top of that through Virgin Life Ins. If either of us were to die, we want the other to be able to pay off all debts and stop work indefinitely to care for the kids. The cost of that cover, for both of us, is a total of $160 per month.
At this stage, we have not taken IP. The cost was prohibitive. We figured that if we required IP we would want it to cover DH until retirement age. The cost of covering 75% of his income to pay out until age 65 was over $400 per month. If he was unable to work for 2-3 years (premium was around $200 per month to cover 3 years) I work in a job where I could pick up full-time hours immediately and would earn an income comparable to his. The issue would be if I was required to care for him and so could not work myself. We would be reliant on family for help. If DH were to lose his job, we would receive a redundancy payout (independent fund) as well as access to 5 months of long service leave (again, an independent fund). In fact, DH was looking at redundancy about a month ago but he found another job immediately and we are reasonably confident that his contacts after 22 years in his industry are strong enough that his reputation will find him another job very promptly, well before he runs out of LSL. We are very fortunate to have the support of my dad, who is very wealthy and would support us financially until such time as we could get ourselves on our feet again. In discussing IP with my dad he advised that we would be better putting the money we would pay in IP into our mortgage at this stage and that's what we're doing.
For peace of mind, I would like to have IP for DH until retirement but it was just too expensive and at this time we decided to take the risk of not having it. I'd still like to hear what other have done and who they are insured with.
My DH has income protection through weatpac, he can't get life insurance because he is a type 1 diabetic which sucks, they'll give it to a smoker who chooses to be a risk though