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Is accident and illness insurance the same as income protection?

“Definitely not! Although the general aim of both types of policy is generally the same – to protect your income – the policies are actually quite different. We could fill a number of pages on the technical differences between...

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Why won’t you sell me a cheap accident and illness policy?

“We could sell you such a policy, but unlike many insurance brokers who are only licensed to provide advice on general insurance products, we are also financial advisers and therefore have a fiduciary duty to our clients to ensure...

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Will I need to get a medical check done?

For most of our clients the answer is no. Insurers will generally only require a medical check if you have any existing medical issues, or if you are insuring yourself for a high amount. As you get older there...

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What is the waiting period?

This is the period you must be unable to work for before you can claim on your policy. The available waiting periods range from 7 days to 2 years, and the shorter the waiting period the higher the premium.

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Which waiting period is right for me?

The right waiting period depends on your needs and objectives. If you couldn’t survive for more that 7 days without pay, then a 7 day waiting period may be right for you. The vast majority of Trade Risk clients...

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What is the benefit period?

This is the period of time over which you will continue to receive monthly benefit whilst you cannot work. The benefit period can range from 1 year, up to an “age 65” policy which continues to pay you benefits...

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Which benefit period is right for me?

In a perfect world everyone would have a benefit period which covers them through to retirement age, however this is not always possible. For some people it is simply a cost issue, and they would rather save some premium...

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How long until I receive my benefits?

All insurers pay your benefits monthly in arrears. This mean that you must wait for one month after your waiting period before you receive any benefits. For example, if you have a standard policy with a 30 day waiting...

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What is day 1 accident cover?

This cover is optional on most income protection policies, and means that in the event of an accident you will be back-paid to day 1 of your claim. Under a standard policy you do not receive any benefits for...

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How much can I insure myself for?

The majority of insurance policies will allow you to cover up to 75% of your income. The income they will insure is commonly known as your “personal exertion” income, this means that it is income that has been earned...

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