Disability Insurance Sunshine Coast
Disability insurance partially replaces income lost due to illness or injury. You may believe that could never happen to you or yours, but of course that is just wishful thinking. Some disability insurance policies pay a fixed sum for a fixed period; others pay a monthly sum for as long as the insured is disabled from earning income, commensurate with their qualifications and experience.
It’s all in the detail
Perhaps unexpectedly, less than 20 per cent of disability insurance claims are from injuries. The rest are caused by illness. There are two kinds of disability insurance: Short-Term Disability and Long-Term Disability. These can be divided into Non-cancellable, where the policy can only be cancelled by the insurance company for non-payment of premiums and you have the right to renew the policy every year without an increase in the premium or reduction in benefits, and Guaranteed renewable, where your insurer may increase your premiums if it does the same for all other policyholders in the same rating class. You can insure for a cost of living adjustment too, and also add a provision allowing you to work part-time and receive a partial disability payment.
Who? How? When? Where?
Most employers pay a worker’s compensation insurance to anyone injured on the job, but disabilities are unpredictable, and so is how they will affect the people concerned. All of this needs to be discussed in depth with your insurance brokers.
Go to a professional
Everyone does need an experienced, knowledgeable, trustworthy, insurance broker. Insurance policies are just too complex for most laymen. At InsuranceWorks on the Sunshine Coast, David and Ben Woolgrove’s mission is to give you the best and most professional advice. They strive to make understanding your insurance hassle-free by talking in real terms, and meeting you right where you are. Ben is also employed by Queensland Fire & Rescue as an Auxiliary Firefighter, so he has seen it all before. David and Ben both know what it’s like to provide financial freedom to people when they’re going through what is often the most challenging time of their life.
Look at the options
InsuranceWorks sticks to your budget and gives you value for your premiums. That may mean that you don’t get everything you’d like as far insurance options go – but discussing what each type of insurance covers you for and how it works at claim time means you can make an informed decision about what’s right for you.