Income insurance is a must-have nowadays for every working person whether you have a family or you are single. At the rate the economy is going, everything seems to be shaky. Getting an income protection policy might be the solution and a safety net against any unexpected incidents that might happen.

Income insurance could pay up to 75% of your annual gross income until you are ready to re-enter the workplace, or in other cases, until retirement. It may prove to be very helpful under events such as redundancy, illness, or injury. Once the policy becomes active after the deferred period, the policy holder can receive a fixed amount every month.

However, no matter how attractive income protection insurance is but if you have little knowledge of what to get, you might end up paying more and not getting the maximum benefit you are supposed to. Moreover, there are other factors that you need to bring into consideration before choosing which policy is the best for you. Some of these factors might include the price, the benefits, and even the company.

It should also be noted that when shopping around for income protection especially if you are an employer looking for group income protection, it is best to ask the assistance of an insurance broker or an underwriting agency to help you assess the risk and give you a good strategy.

Benefits of Group Income Insurance

Group income protection has a two-way benefit – both for the employer and the employee. It helps the employer manage an illness that has been long-term; while it boosts the employees’ morale knowing that they are well-taken care of. This kind of symbiotic relationship brought about by a group income protection promotes better relationship between an employer and employee; there are other benefits a group income protection brings.

For one, it could lessen the impact of illness and early retirement on pension schemes. Some policies offer additional benefits like a rehabilitation program to assist employees re-enter the workforce again. The faster the recovery means the lesser the payment made. It also gives employers tax breaks on contributions while providing financial aid to the employees. Moreover, you will have the assistance of a professional team in counselling without any extra cost.

The Need for an Underwriter

Insurance is all about risks. When you apply for a policy, you are lowering your risk. Part of the risk management is getting the aid of an underwriter. Underwriters take care of statistics and calculate the risks. Moreover, during certain phases of your application, chances are you might encounter some things that you barely understand at all. This is where an underwriter is most helpful explaining the basics and even the complexities of insurance.

For most, underwriters are viewed as giving more benefit to the insurance company than to the policy holder. So why need an underwriter, much less an underwriting agency, to work with you. It should be noted that underwriting is as important to a company as it is to you. It is even most helpful in group income protection policies where they can help you get the right amount of charges by assessing the risks a group represents and the amount of coverage the insurance provider can give.

Underwriting companies, such as IUS, play an important role in determining how much premium you are going to pay for the policy you are getting. IUS has been a leading underwriting company trusted by companies and major unions in the country. IUS income protection underwriting services has gained a national reputation which characterizes equitable, timely, and considerate claims management. This kind of service has promoted good employer-employee relationship.

IUS Income Protection

A good underwriter or an underwriting agency has a keen sense on details which enables them to make sound judgments and decisions. IUS income protection has been the most trusted and largest provider of group income protection in the insurance industry. Their policies are used by most of the major unions in Australia. Moreover, they make the claims directly with the aid of their claim consultant.

To ensure that employees are duly catered to, IUS income protection is conducted in different stages which start with educating the applicant what the policy is all about, and clarifying whatever points that are not understood by the applicant. Then policy documentations are handed out to the payroll department for each sector and appoint a proper resource to mediate on the execution and management of the product. The next stage would be arranging a meeting every four months to assess the results with the chosen representative, and resolving any issues which are related to the management of early return to work standard. Moreover, they perform an annual review and discuss proposals to improve claims handling and management. They also perform surveys and formulate a report before making a final mutual agreement based on the results and outcomes.

So, you can see that whether we are shopping for income protection as an individual or group income protection as an employer, having an underwriter or underwriting agency would give us more advantage and edge.