There are many features available to you when moulding the right Income Protection policy around your situation. Features such as waiting period, benefit period, whether you would like an agreed or indemnity style contract are just some of the variables that need to be decided upon. However even before you choose the right variables, it is important to gain a quality contract.
A quality Income Protection contract will have strong definitions. Definitions of ‘total and partial disability’ and waiting period qualification are extremely important.
In Australia, the definition of disability can take on one or all of three forms:

- Duties based – where you are unable to perform important duties of your occupation. This is the most common basis (especially for older policies);
- Hours based – where your working hours are reduced in your occupation; or
- Income based – where you suffer a loss of income due to disability.

The definition of disability can determine whether you are able to make a claim or not. The better policies will allow you to choose at the time of claim which definition will result in a claim and also which definition to apply which will result in the highest claim payment payable to you.
Waiting Period Qualification period is often in the very small fine print of your policy, and a quality adviser will be able to assist you with this. It is the length of time during the waiting period that the life insured is required to be ‘totally disabled’ before even a partial claim is payable for Income Protection. The better policies do not require you to be ‘totally disabled’ at all for a partial disability claim to be payable and therefore allow you to work for up to 10 hours per week throughout the waiting period and still go on full claim at the end of the waiting period.

You will need to ensure that your policy does not have any exclusions such as for mental illness related conditions (depression, stress...) or for HIV. I am amazed by how many medical professionals that we come across that are not covered against needle stick injuries.

It used to be the case that to gain a quality Income Protection policy, you needed to take time out of your busy schedule to meet a financial planner and go through a drawn out process. This is not now the case. Life Shield is able to work on your schedule over the phone and via email to ensure that you have the right policy with as little effort as possible resulting in you having the piece of mind and confidence in your Income Protection that you need.

Author's Bio: 

Leading life insurance advisers for personal insurances, Life insurance, income protection, key person, Trauma cover, Disability or compare existing personal cover. Call here for get advise about Income Protection 1300 447 710.