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It’s beneficial to have income protection insurance as one never knows when they meet with an accident or become seriously ill whereby they are unable to resume work for six or more months. Income protection cover will help you make payments towards expenses such as car payments, tuition fees, mortgage, medical expenses, rehab and day to day living expenses. There are various features and benefit such as total disablement which pays out a monthly benefit if you are totally disabled due to sickness or injury which will be paid from the end of the waiting period. The first month will include the variable monthly benefit plus a third and the second month ongoing variable monthly benefits will be paid out. When it comes to death benefits, three times your monthly fixed benefit will be paid out should you pass away while receiving a claim. Should you become unemployed involuntarily due to retrenchment or redundancy your premiums will be waived for up to three months while you are unemployed, and the pregnancy pause from Priceline Protects will waiver premiums for up to twelve months while you are on maternity or paternity leave. There are also optional features and benefits that include three months carer benefits of up to thirty percent of your fixed monthly benefit which is payable to any nominated children should they become bed bound due to an injury or illness. A carer benefit can be bought at the time of application or after the policy has been bought. Priceline income protection insurance also offers additional benefits such as full time cash back which is aimed at rewarding their clients loyalty at the end of three, six or nine years of the policy. At the end of any one of these stipulated years, the policy holder will be entitled to a 10% refund of the premiums you paid in over this time period. Term and conditions apply whereby the refunds are conditional in that you continuously maintained the policy with the same monthly benefit cover or higher levels. The premiums must have been paid for the applicable time period and on the due date. In instances where the premiums were waived under the terms are not applicable for a 10% refund. Make note that to lodge a claim under a full time policy, you have to be unable to resume duties at the company you work for. In such cases, the monthly benefit will be reduced accordingly, if at claim stage 75% of the disability income is less that the monthly benefit stipulated in the policy schedule. However, if the income proves to be more, then the payment will be based on the amount stipulated in the policy schedule.
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