Some of the best income insurance policies can be compared online. This is because online intermediaries can offer policies which are not available directly via a life insurance company. So depending on your personal needs, this type of policy may offer great value for money.

What is income protection insurance?
Income protection is a type of personal cover which provides an income in the event that you suffer from a serious illness or injury, leaving you unable to go to work for an extended period of time. It typically provides up to 75% of your income, usually paid on a monthly basis.

The benefit payment can be used to pay for virtually anything, although many people use the funds to pay for medical bills and day to day living costs. For those who have a mortgage, income insurance is usually a life line which helps to keep a roof over their head.

Compare income protection insurance policies
Income cover policies can be compared online. The internet can either be used as a resource to do your own research and comparison, or you can also use the services of an online business who can conduct a comparison for you. Either way, you should end up with a competitively priced policy.

When looking at income cover policies make sure you compare similar types. This means comparing:
* The same policy types, either agreed value or indemnity value type policies.
* Policies that have the same waiting period. This is the length of time you are willing to wait until your benefit payments begin to be accrued to you. This is typically 30, 60 or 90 days, however this can go for as long as 180, 360 or 2 years.
* Policies that have the same benefit period. This is the maximum length of time you can claim on your policy. This can last for 2 years, 5 years or up to 65 years.

The best income protection policies in Australia
Unfortunately there is no such thing as ‘the best income insurance policy in Australia’. As everyone’s needs are different, so will their choice of income insurance.

There are some policies that have additional clauses at no extra cost which offer more benefits for those in a certain occupation, such as trades people, builders, plumbers and carpenters. Other policies may have clauses at no extra cost which are beneficial for doctors, lawyers and high earning executives.

These types of benefits and clauses are often outlined in a Product Disclosure Statement (PDS) which are readily available online. While these documents are quite lengthy, they are worth reading to find out which ones suit your personal situation.

If this particular task seems tedious, you can use the services of an online comparator who can show you which policies suit certain occupation types. This will help ensure you receive the maximum amount at claim time, as well as ensuring you are covered for the correct amount. If you are ever in doubt seek advice from a qualified financial adviser.

Author Bio: http://www.xlife.com.au/ provides a free income protection insurance comparison service allowing you to compare competitive income protection insurance Australia wide. Get your income protection quotes today!

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