What is Income Protection and who should have it?


Income Protection is simply insurance so that in the event of not being able to work due to sickness or accident, you continue to receive up to 75% of your income.


The key aspects of Income Protection insurance are the benefit period, which is the maximum length of time that a claim can be paid.  Typically benefit periods range from 2 and 5 years or until age 65. 


The other important decision when arranging this insurance is selecting the waiting period.  This is the length of time that must pass before a claim is paid.  Common waiting periods are 14, 30 or 90 days, but it is also possible to select longer periods.  Obviously these selections effect the cost of the insurance.


Incidentally, many people choose to own their income protection through superannuation, so their superannuation pays for the premiums rather than normal household cash flow.




We act as brokers, to find the best income protection insurance available for you.  Part of our service also includes handling claims for you.


If you would like an instant quote, please visit the page Personal Insurance - Instant Quotes.  After completing the 3 entry screens you will receive an onscreen quote from Australia's leading insurers.