Income protection insurance pays part of your income if you’re unable to work. It can help pay the bills so you can focus on getting better.
Why do I need income protection?
Income protection insurance pays up to 85% of your pre-tax income for a specified time if you’re unable to work due to partial or total disability. It doesn’t cover you for lost income because you are stood down or become unemployed.
Who needs income protection?
Income protection insurance can be important if you:
- are self-employed or a small business owner, as you may not have sick or annual leave
- have family members or dependents that rely on the income you earn
- have debt, such as a mortgage, you’ll need to make payments on even if you’re unable to work
What types of policies are available?
1. Indemnity value policy — the amount you’re insured for is a percentage of your salary when you make a claim.
2. Agreed value policy — the amount you’re insured for is a percentage of an agreed amount when you sign up for the policy.
Keep your income when you can’t work
We can help you with an income protection policy for partial or total disability to ensure your claim is successful.
- if you have total or permanent disability
or trauma insurance, that can help replace lost income
- if you have private health insurance that could help pay for any medical expenses
- what help or support from family or friends may be available
If you need help deciding if you need income protection insurance and how much, get in contact and we can help guide you through the process.
Consider policy type when choosing income protection
Income protection policies are provided as either an:
- Indemnity value policy — the amount you’re insured for is a percentage of your salary when you make a claim. If your salary has decreased since you bought the policy, you’ll get a smaller monthly insurance payment. Indemnity value policies are generally cheaper and can be useful for people with a stable income.
- Agreed value policy — the amount you’re insured for is a percentage of an agreed amount when you sign up for the policy. These are generally more expensive but can be useful if you have income that changes from year-to-year.
We’re here to help
Write to us
1300 131 809
9:00am to 5:00pm
440 William Street, West Melbourne VIC 3003, Australia
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