What is Income Protection Insurance

Income protection is an alternative way of income if you are unable to work temporarily due to illness or injury.  It covers upto 75% of your income for a nominated period of time to help you look after your day to day expenses and household while recovering.

Often people think that the income protection insurance is only for high income earners. But the truth is income protection is a safety net to anyone who is working or earning livelihood and looking after families.

Couples and particularly parents suffer the most in the periods of unemployment due to illness or injury. An inability to pay the bills or credit card payment or mortgage is a huge stress particularly when you are unwell. Income protection insurance can give you that confidence and peace of mind that you’ll be taken care of financially. It’s even crucial for the self-employed with inconsistent monthly income to consider income protection to plan for the unforeseeable event.


Talk to our Insurance Adviser to best protect your future and family!

Who can apply

You are eligible to apply for Income Protection Insurance if you are:

  • An Australian citizen or permanent Australian residents
  • or A New Zealand citizens residing permanently in Australia
  • And aged between 18 to 74

What’s included in Income Protection Insurance

Similar to other life insurances, there are types of cover available for income protection insurance. They are:

Accident Cover – It will cover your monthly 75% of income if you unable to work temporarily due to accidental injuries. Injuries in workplace or accident in household are the classic examples of accidental injuries.

Illness Cover – Gives you protection if you are diagnosis illness or disease and unable to work temporarily. Events such as a heart attack or stroke or mental health related issues.

Sports Cover – You can also choose to get sports cover depending on insurer policy. It means you will be covered in the events of injuries while playing a sport and unable to work temporarily.

How to Structure Your Income Protection Insurance

The structure of  the policy will determine the cost or premium and requires experts helps. Depending on the policy structure, you will be able to get your claim  just in the appropriate time.

Calculation of your total income is the crucial part of income protection insurance. If you are a self-employed or running your own business or company, it is important to calculate accurately your total income. Income protection covers and provide benefits of 75% of total income. Total income may include your salary, income from partnership or trust, investment income and other source of income.

Our financial adviser can help you to identify the cover amount, choosing the appropriate waiting period and benefit periods and suitable income protection policy based on your financial circumstances and objective.

Who receives the Income Protection Benefits

The aim of income protection insurance is to protect you financially if you are unable to work temporarily due to accident or illness. The 75% of the total monthly income benefit for a nominated period of time can at least look after your on-going expenses, credit card bills or mortgage repayments. With an income protection insurance, you can fully concentrate on your recovery and off load your financial pressure

How much will income Protection Insurance cost

The cost of income protection insurance or premium depends on various factors such as your age, gender, occupation, total monthly cover amount, health condition etc. Your policy premium will also depend on how you want to structure it such stepped or level premium.

Our insurance adviser can help to choose your income protection insurance and cover amount and  select the options that best suit your objective.

Find out your suitable Income Protection insurance policy option and comparison.

Our Insurance Adviser Can Help You

Income protection policy is complex in nature. You may not get a full claim depending on your circumstances as oppose to how you have structured income protection policy. Our expert advice can find and structure the policy that ultimately helps you when you need the most. We help you in

  • Choosing a suitable product and an adequate amount of cover for income protection
  • Understanding the pre-defined critical conditions of the insurer and which option to select to best protect your need and objective
  • We have the tool to access the top Australian insurers
  • We compare and help you to find the suitable income protection insurance product
  • We look after the application process and all other paperwork so that you can save your time and energy
  • We negotiate with the insurer to save your best interest
  • We follow up with the insurer until your income protection insurance policy is in effect
  • We help you to review your insurance policy if your circumstances have changed
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