Income protection works by covering you during these tough times if you suffer an illness or get injured. It’s peace of mind for you, and the people who rely on your income.
If you’re considering income protection, or want to know if your level of cover is most suitable for you, here’s what you need to know.
Do I need income protection?
According to the Australian Securities and Investment Commission (ASIC), income protection, ‘is an important consideration for anyone who relies on an income.’*
What kind of income protection is most suitable for me?
Most income protection policies have different definitions of ‘disability’ and different kinds of benefits.
A typical policy will cover up to 75% of a person’s gross wages for a specified period of time (for example, 2 years).
It’s important to know what your income protection policy covers, so you know it will be there if and when you need it.
What are the chances I’ll need it?
60% of working Australians will, at some stage, need to take a prolonged break from work as a result of illness or injury* So there is a high likelihood that you would benefit from having this cover
How do I find the most suitable income protection?
We take the stress out of finding the most suitable cover, by doing the research and legwork for you. That means researching different policies, then pinpointing one that matches you.
We also have access to many different cover options, which means we can recommend a solution that saves you more and aligns with your unique circumstances.
Talk to us about getting started.
Disclaimer: The opinions and recommendations provided are not intended to be relied upon as personal advice as they do not take into account your personal circumstances. You need to assess your own position or call us for professional advice.
* The information on this page was sourced from Money Smart.