What Is Income Protection Insurance?
If a health issue prevents you from earning your living, Income Protection can help cover living expenses, mortgage repayments, debts, and your family's financial needs while you take time to recover.
Income protection insurance can provide up to 70% of your pre-tax salary if you suffer a loss of income due to illness or injury.
There are a lot of variations in product terms, definitions, waiting periods, and benefits periods. These variations can make a big difference to the cost of your premiums, how much you can claim and how quickly you can receive payments.
Did You Know?
Income Protection insurance is often tax deductible.
Income Protection insurance can pay up to 70% of your pre-tax income while you recover.
Waiting periods can vary from 2 weeks to 2 years. A shorter waiting period is often more expensive than a policy with a longer waiting period.
In general, the longer the benefit period, the higher the premium.
Premiums are often payable through Superannuation.