www.lifebroker.com.au/
Just did yearly rounds to find a deal, these guy's were the best I found for my criteria.
I get re quoted for most insurances every year as they tend to stick it to people that don't.
Also tried "rate detective" he was the cheapest but failed to mention the quote didn't cover half of what I wanted, And I had to look into it hard to find this out.
I get sick of premiums going up ridicuously every year so I find getting requoted keeps them on thier toes.
Get a few prices. Try one of the big banks to get a starting point.
Be honest on all questions.
If you're an employee, your industry super fund will have either 'income protection' or 'salary continuance'. Probably cheaper than the retail products.
If you have TSC in super, it is worth checking whether it is duties based, or hours based. It is also worth considering wait periods, and payment periods. Read the fine print!
For example, if you have TSC through your super for a fixed time, say 2 years, you can take out separate IP for life with a 2 yr wait... Longer wait = significantly reduced premiums.
Few other things:
-They usually pay to a max. of 75%...
-Understand your permanent and total disability stuff, as well as death benefits.
-If the premiums come out of super, this is something to keep in mind for the long term performance of your super.
-Increases in premiums may be related to indexation associated with forecast pay increases.
Disclaimer: Pugwash is definitely and absolutely not a financial adviser, individual experiences may vary
Don't get it. Not worth the money. In the UK, payment protection insurance and income protection on mortgages were the most profitable (read over-priced in relation to risk) products for the retail banking sector... until the regulator started cracking down. Aussie regulators are a little way off so it'll still be overpriced here.
If you want to get it, go direct, through a recognised brand and check the cover (which will be lame)
