The job of a manager or a business consultant is not easy. They spend longer hours making sure that their job is done right, leaving no room for errors. As such, they can hardly afford to be sick much less be disabled as that would mean a reduction in their income.
This is why managers and business consultants need income protection insurance plans. It will help them through the times when they fall ill or become unable to work. The plans will tide them over as they can still get compensation payments while they are sick.
Other benefits available include:
• death benefit
• taxation benefits
• a day one claim benefit
• rehabilitation benefit
Different types of plans are available and it is vital that a manager or a business consultant makes sure to choose the one that best answers their needs in terms of maximum benefits and best value for money. Comparing plans and quotes manually or through online quotes from different comparison websites will help determine which plan would work best.
Why compare plans?
1. It helps you decide which policy offers the best deal for maximizing benefits and amounts paid.
2. It helps you understand which plan can actually meet your needs.
3. It helps you determine which plan has an ideal waiting period and benefit period.
Typically, cheaper plans have longer waiting period and shorter benefit period while premium plans have fewer restrictions and maximum benefits.
Things to consider when searching for the right income protection insurance:
• Ideal benefit period – it has to have various benefits within the time claims may be submitted.
• Coverage level – it has to have the best amount of benefits that may be claimed.
• Tax deductible – there are tax deductible plans with suitable premiums. Typically, a standalone income insurance plan or income protection plan taken under superannuation is tax deductible.
• Waiting period – plans offer different waiting periods such as a 30-day waiting period which means the first claim may be filed only 30 days after the plan approval. Choose the one that best suits you.