How to Compare Income Protection Insurance Monthly Benefits

Income Protection Insurance Resources

Income Protection Insurance Home Insurance Home Compare Income Insurance Rates & Options Get an Income Protection Insurance Quote Now

Income Protection Insurance Calculators

Income Protection Calculator Life Insurance Calculator

Income Protection Insurance Articles

How Income Protection Works Factors to Consider When Buying Income Insurance Income Protection Tax Deductions How Insurance Calculators Can Help Insurance Claim Declined or Rejected?

When comparing income protection policies, there are some critical issues surrounding the amount of your monthly benefit that need consideration.

Firstly, most companies limit the amount that you will be paid to a proportion of your income, irrespective of the benefit amount that you are paying for.

This proportion may be a percentage of your pre-disability earnings for a specified period immediately before your claim.

Some policies will calculate your maximum monthly benefit payout based on the highest average monthly earnings over the previous year and others will base on your earnings at the time you applied.

Most companies include annual indexing of the monthly benefit amount where you are automatically offered an increase in the amount you insure based on increases to the consumer price index (CPI).

These CPI offers are in relation to the amount that you insure each year on the anniversary of your policy. They are not the same as an indexed claim benefit that allows for an annual indexed payment when subject to a claim.

start your income protection insurance quote