Income protection insurance is designed to help secure your income. Our policy provides up to 75% of your monthly pre-claim salary should you become unable to work due to illness or injury. This money is typically used to help with mortgage repayments, household bills, credit card payments, school fees and daily living expenses. The replacement income waiting and payment periods are defined in a contract and vary depending on the cover you choose.
Only 31% of Australian families have income protection, however, in 2008, an astounding 235,790 working age families suffered serious injury and 17,000 of them had to cease working as a result*.
Combining income protection and life insurance can help provide financial security for you and your loved ones. Income protection replaces your income when you are unable to work for an extended period of time due to sickness or injury, whereas life insurance pays a lump sum of money to your loved ones in the event of your death.
*The Lifewise/NATSEM Underinsurance Report, 2010.