Income Protection Insurance Information

What is Income Protection?

Income protection insurance is sometimes known as income insurance or disability income insurance.

Income protection will cover up to 75% of your income for a period if you’re temporarily unable to work because of sickness or injury. However, it doesn’t just have to be illness; there is no actual list of events for which you can claim. Any medical condition that prevents you from working for an extended period of time could potentially be a basis to submit a claim, providing you with an income until you return to work or to the end of the benefit period (excluding unemployment).

> Get an Income Protection Quote

What Options Do I Have?

Different companies will offer a range of individual options and some may be unique to a specific product, however some common options that you will need to decide on include:

Is Income Protection Different Between Insurers?

Income protection can differ significantly across different insurance companies. The main differences are related to:

  • Definitions of disability, partial disability and recurring disability;
  • Definitions of income; and
  • Range of additional benefits (e.g. nursing care, hospital benefits, accident benefits).

Make sure you read the insurer’s product disclosure document carefully to see what benefits are included in a specific policy.

How Much Does Income Protection Cost?

Income protection insurance can sometimes be more expensive than life insurance, but the income protection premiums can be tax deductible. Income protection insurance premiums may vary according to the following:

> Get an Income Protection Quote

Want to learn more about income protection? The following links will provide you with further information:

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