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Income protection | Tips & Traps & Advice

Many have bought insurance policies to secure their home, car, and life—but only a few consider the importance of securing their income. And the moment they become unable to work due to an accident and illness, that’s when they realize how crucial it is to get covered by Income Protection Insurance in Australia.


Income protection is basically what its name says—providing you with an income stream in the event you are incapacitated to work due to an accident or illness. It works by paying you a monthly benefit of up to 75% of your income until you are able to report back to work or until the benefit period expires. As to how long your benefit period lasts is all up to you to decide. Your options include 1-, 2-, 5-, or 6-year benefit period, or you may choose to customize your plan as to how you want to receive your benefits until you reach the age of 70.


Now, you might wonder, “How much income protection can I have and how do I go about structuring my policy?”

Well, in the first question, it actually depends on your income. Here, feel free to use our Income protection insurance calculator to give you an idea. Meanwhile, in your second question, you can choose between doing it yourself and letting the experts help you. You see, it’s very crucial that you structure your policy correctly because this helps you save a lot in the process. And since this is a complex process, we highly recommend that you seek expert’s advice.


Claiming of income protection insurance benefits, on the other hand, is a less complicated process. And if you do it here with us, we’ll even make it easier for you. We have what we call a Priority claims service that’s available to all policyholders who bought a policies from us.


So, are you ready to get started? For sure, you want to know first how much income protection cost. Well, it all depends on several factors such as your individual circumstances and the level of protection you need. Premiums vary from one Australian insurance company to another, but all insurance providers do look at the following in order to determine how much you pay:


·         Age

·         Gender

·         Medical history

·         Whether you are a smoker or non-smoker

·         Occupation

·         Waiting period

·         Benefit period


Want to learn more about income protection? Feel free to call one of our insurance experts for advice. We also provide income protection insurance quotes, so you can compare the different policies available. Or if not, we’ll be glad to provide you with the comparison as we have already done this in the past.