Income Protection

Why do you need Income Protection?

  • Protecting your income means you are protecting your lifestyle.
  • Your ability to earn an income is your greatest asset.
  • How would you continue paying the mortgage, children’s school fees…

 

As with any major financial commitment, it’s best to consider your individual situation and seek professional advice. Even the most experienced insurance experts must spend time understanding your individual situation and considering all the different insurance products available before making a recommendation.

Help is only a phone call away. You can compare the main types of life insurance and make a no obligation appointment with a professional insurance consultant.

Income protection insurance

Also called salary continuance or disability insurance, replaces your lost income if you were to become unable to work due to injury or sickness.

Just like health insurance, there is often a period of time before you can make a claim on your income protection insurance. However, an income protection waiting period refers to the length of time the accident or sickness has to keep you off work before the income protection benefit period commences.

The waiting for sickness period starts on the day the sickness is diagnosed and for accidents the waiting period starts the day the accident occurred. Hence it’s important that this date is identified ASAP as it is one of the fundamental details in any income protection cover claim.

You get to choose a waiting period when you select your level of cover. It can vary but it is usually between 30 and 90 days. A waiting period is part of every income protection insurance policy in Australia.