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Our guidance is general and does not take into account your personal situation. Always consider your own situation and whether the guidance we provide is relevant to you before relying on. If in doubt, seek professional advice.
Nobody wants or expects these things to happen to them, but unfortunately accidents happen every day.Did you know that over 60% of Australians will be disabled for more than one month during their working life?*
Income protection can cover you if you can not longer work due to illness or injury.
There are dozens of income protection policies to choose from and it’s difficult to know one which one will suit your needs and budget. That’s why we have put together a simple guide so that you can find the right cover for your situation.
Income protection will provide up to 75% or more of your salary, for the period of time while you are injured and cannot work, so you can continue to provide income for your family, pay for bills and mortgage payments.
Like any insurance policy you must make sure that you choose the policy that suits your individual needs rather than just go with the quote you are first given. The best way to do this is to fully understand the features and benefits of the policy. Each insurance company will have slightly different features so it’s important to compare income insurance quotes to find the right deal for you. We offer the ability to compare quotes from 11 different insurers.
Before you buy income protection you must work out how much cover you will need and how much you can afford. You might not require so much insurance if you have a good amount of savings to fall back on or have accumulated annual leave. Obviously a basic income protection policy will not offer the same level of protection as a comprehensive policy. For example a policy that provides any occupation cover will cost less but it will not provide as much protection as an own occupation policy, but it might be a better level for your budget.
Work out the level of cover you might need by asking yourself these questions:
When you buy income protection you will need to decide whether you want agreed value or indemnity value income protection.
For some policies you may have the option to reduce the benefit and waiting period in your policy to make it more affordable.
Here are some things to think about:
You can decide how you would like to pay your income protection premiums choosing either stepped or level premiums.
There are many factors that will affect your income protection quotes:
Every insurer will offer slightly different benefits, but to get the right income protection for you, compare the policies and decide what is most important to you.
Your income protection quotes will vary depending on which insurer you pick – even if you are choosing similar products. Whether you choose basic or comprehensive income protection, everyone can benefit from doing an income protection comparison.
Save time and money and use our comparison engine to simply compare 11 income protection companies side by side in seconds.
Was this guide helpful? Want more information? Visit our guides for more help.
Or you can visit the Australian tax office who can provide you with further information on income protection insurance and deductions.
Compare, review and save on your income protection insurance now.
*http://www.lifewise.org.au/facts-research
If you were injured or ill and forced to take time off work, could you cope with everyday expenses? Nobody wants or expects these things to happen to them, but unfortunately accidents happen every d...... Read more.
Income protection is an affordable cover allowing you to continue to provide for your family if you're unable to work temporarily.
... Read more.