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Income Protection

This type of insurance will replace up to 75% of your gross monthly earnings of your regular occupation in the event you are unable to work due to illness or injury.

This may be one of the most important types of cover as it protects one of your most important assets (your ability to generate an income).

Most companies will have a total disability benefit paying out the full monthly benefit in the event of total disability and also a partial disability. The definitions of total and partial disability are explained in detail within the recommended company’s product disclosure statement.

There are different waiting periods before a benefit is paid ranging from 14 days to 2 years and different benefit periods ranging from 2 years and up to age 65. Different waiting periods and benefit periods do have an effect on premiums and your adviser will be able to help you in choosing what is right for your current situation.

To discuss your Income Protection needs, click here