Why Consider Optional Benefits for Life Insurance Policies?

Most Life Insurance policies offer Optional Benefits, but how do you choose which ones are likely to benefit you the most, and fit within your budget?

Cost/Benefit Analysis

Usually, Optional Benefits increase the cost of the policy premium, so you need to ensure the options you choose are likely to benefit you.

For example, why would you need Needlestick Injury cover, if you weren't a medical practitioner?

But if you were an active person and enjoyed a lot of physical activity, increased rehabilitation and home bed care Optional Benefits may allow you to recover from an accident sooner.

Income Protection

Income Protection policy Optional Benefits need to be carefully considered, as they can make a huge difference.

Recently, one of our clients fractured their ankle. The client was able to return to work within several weeks, however they had a Two Month Waiting Period, so no Income Protection Benefit was payable.

However, the client had paid for the Optional Benefits Package to be added to their standard cover, which included a Lump Sum Payout for a fractured ankle, so the client could afford to take extended leave from work, and recover in their own time.

There are many Life Insurance policies available in the market, and most offer one or more Optional Benefits, so if you need help assessing which policy, and which Optional Benefits, suit your particular requirements, Contact Us for a Free Financial Assessment