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Changes to Income Protection Insurance from 1st April 2020
  1. Will the new changes affect my existing Income Protection policy?
    No, the changes will only apply to new income protection policies issued from 1 April 2020. All existing terms and conditions will still apply to your existing policy.
  2. Can I still apply for the Agreed-Value income protection?
    As long as your application is lodged prior to 1 April 2020, you still can apply for Agreed-Value. Although different insurance companies may bring forward this deadline.
    After 1 April 2020, you can not apply for Agreed-Value Income Protection.
  3. If I currently have “Indemnity” Income Protection Insurance, can I alter it to “Agreed-Value” before the change?
    Yes, you can alter the policy as long as the application for alteration is submitted prior 1 April 2020. Financial underwriting is required to prove your income.
  4. If I already have an Income Protection Insurance Policy, will my premiums increase?
    Most likely. As Income Protection is a drain on insurance company profits, most companies intend increasing premiums more than in previous years.
If you would like us to review your insurance policy prior these changes, please email us as soon as possible at investments@austasiagroup.com References:
Published Date: Jun 5, 2020