Did you know that the duties you perform at work can have a significant impact on the cost of your income protection cover?
The lower the perceived ‘risk’ of your occupation or occupational duties in the eyes of the insurer, the lower your relative premium for income protection and TPD cover.
Since your last income protection cover review:
- Have you become licenced or qualified in your trade or profession? e.g. being designated a CPA accountant or having finished a trade apprenticeship or completed a University degree or certificate IV training?
- Has your occupation changed from a ‘blue collar’ to ‘light blue collar’ or to a ‘white collar’ occupation?
- Have your duties changed? e.g. has your % of time performing light manual or manual duties reduced or are you spending more time supervising staff and less time ‘on the tools’
How can Nexia Australia help you?
If you have answered yes to any of the above, please contact your Nexia Adviser to see if we can review your occupation rating with the insurer. If your occupation risk has increased, you do not need to disclose anything as this will have no impact on your policy. If you move from a low risk occupation to a high-risk occupation the insurer cannot vary the policy as a result.
If you don’t have any income protection insurance cover in place contact us for a free no obligation meeting to discuss.