If you are unable to work for an extended period of time due to illness or injury, income protection can provide you with a financial lifeline during a difficult time. It gives you the peace of mind that you will have help keeping up with repayments that you have, as well as cover everyday expenses.

Most income protection policies provide up to 70% of your income if you need to claim, which helps ensure that you and your loved ones' lifestyle is maintained and protected if you become ill or injured.

Unfortunately, life doesn’t slow down or stop when a person suffers from a serious injury or illness, with living expenses and other costs getting in the way. Having an income protection policy in place allows you to focus on your recovery and recuperation and not on your bills.

Compare income protection policies now using our insurance comparison tool, or call one of our specialist insurance consultants on 13 54 33 — we’re here to help you find the right income protection policy for you and your family.

Wondering what kind of a difference the right income protection insurance policy could make to your life? With the right cover in place for life’s most unforeseen moments, Income Protection Insurance can provide you with the following features:

• Claim when you’re unable to work due to sickness or injury, giving you peace of mind when you need it most. Receive recurring monthly payments to supplement your income and support your family.

• Maintain your lifestyle even when you can’t work to ensure there is no disruption to you and your family’s daily routine.

• Cover expenses and debt repayments to avoid late fees and damage to your credit score.

• Premiums are generally tax-deductible when the policy is held outside of superannuation.

• Choose waiting and benefit periods that align with your financial situation.

• Ensures financial stability during periods of ill health or injury.

Ready to protect your income? Check out Lifebroker’s income protection comparison tool and discover some of the best income protection insurance policies on the market.

When conducting an income protection comparison, consider the following factors:

• Waiting period — This refers to the time between when you become unable to work due to illness or injury and when benefits begin to accrue. .

• Benefit period — The maximum duration for which you'll receive payments. It’s important to opt for the policy that ensures you’ll be covered for a sufficient length of time as you get back on your feet.

• Premium structure — Policies can have variable age-stepped or variable premiums, affecting cost over time. Ensure you choose the right policy and premium for your budget.

• Policy inclusions and exclusions — Understand what's covered and any limitations. This can help you avoid delays or even rejected claims in the event that you need to access your policy.

• Additional features — Some policies offer features like rehabilitation support or inflation protection. While these aren’t mandatory, they’re still worth considering so that you can recover comfortably.

Most income protection insurers will cover you for up to 70% of your income either until a time at which you are able to work again or until the end of your policy’s benefit period, whichever is first.

When you take out income protection you will have a variety of options, including how long you will receive the benefit for and how long the waiting period is before your policy will start paying monthly benefits.

It is important to consider how much cover you need and how long you can go without cover (the waiting period). How many sick days do you have? Do you have savings to cover your income for 1, 3 or 6 months? Choose wisely, as it could mean the difference between having sufficient income or having to return to work before you’re ready.

It’s also important to note that all new income protection policies are indemnity value policies. This means that you will have to confirm your income when making a claim. If your income has decreased since you applied for cover, your benefit will be paid at the reduced amount, to align with your current income. Agreed Value income protection policies are no longer available for new customers.

The right amount of cover for you will depend on your current income as well as your financial requirements. If you still have questions about how much income protection cover you might need, we’re ready to take your call on 13 54 33.

Choosing the right income protection insurance is an important step in securing the financial future of yourself and your family. To ensure you select the right policy, check out our top income protection comparison tips below:

• Understand the benefit period — This is how long you'll receive payments if you're unable to work due to sickness or injury. Some policies offer short-term benefit periods (for example, two or five years), while others pay up to a certain age. Consider your financial obligations and how long you may need support.

• Check the waiting period — This is the time between when you're unable to work due to sickness or injury and when benefits start. Shorter waiting periods mean faster payouts, but premiums are generally higher. Benefits are typically paid a month in arrears, so you should consider the impact of this when choosing a waiting period.

• Compare cover types — Income Protection policies currently available for sale are offered on an indemnity basis. This means that your benefit is calculated based on your income at time of claim.

• Look for built-in and optional features — Some policies include rehabilitation benefits, partial disability cover or inflation protection. Take the time to assess which extras add real value based on your health and lifestyle.

• Compare premiums and providers — Whilst price is important you can consider other factors like your customers service and claims experience too.

Lifebroker only provides general advice, which means we haven’t considered your individual financial situation, objectives or needs. Before acting on it, please consider the appropriateness of the advice, having regard to these factors. Before making a decision to purchase or continue to hold a life insurance product, you should read the relevant Product Disclosure Statement (PDS). The PDS includes the details of the product issuer. The Target Market Determination for each product is also available.