One problem plaguing the insurance industry is that people take out a large policy but then earn substantially less and then have a strong incentive to go on claim as the insurance pays more than they are currently earning.

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Currently insurers pay a maximum of 75% of the best 12 months in the previous 1, 2, or 3 years before a claim, depending on the insurer and options you have chosen. It matters a lot if the period is 1, 2, or 3 years if your income is variable or if you took maternity leave or you worked shorter hours – the best 12 months of the previous 3 years is much more generous than the “best” 12 months of the previous 1 year (12 months).

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In future it seems in either all or most cases only the last 12 months count. If you want a policy that gives you 3 years, you need to apply now.

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The cost of income protection depends greatly on your profession. Currently if you get cover under a safe profession like administrative or clerical and you later do something considered more dangerous like a trade, then you don’t pay more. In future, you will need to update your information every five years and you will then be re-classified.

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If you would like to take out new insurance under the better terms or review your existing policy you need to move fast.

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Please feel free to contact me immediately (1800 332 225) for a free consultation. Due the urgent deadline I will make myself available at extra hours including early morning to fit the demand.

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Warm Regards

Christoph

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