A temporary illness or injury can put you out of action for months or even years. And the last thing you need when you’re trying to recover from an illness or injury is financial stress. That’s where Income Protection Insurance can help.
What is Income Protection Insurance?
Income Protection Insurance provides a regular payment in place of your income, if you’re unable to work for extended periods due to illness or injury. It generally pays up to 75% of your income to help cover your living costs while you recover.
Who should consider it?
Would you be able to cover your living expenses and debt repayments if illness or injury meant you were unable to earn an income? If not, then you should consider Income Protection Insurance.
Income Protection can help get you through a difficult period, without having to eat into your savings or rely on outside help – so a temporary setback doesn’t put you behind for years.
How it works
Income Protection can pay up to 75% of your income if an injury or illness leads to you being unable to work in your occupation for longer than the waiting period on the policy. You will receive a monthly benefit for as long as you remain temporarily disabled up to the maximum benefit limit, as specified in your policy. Depending on your policy, you may also receive an additional payment into your super fund – so your retirement savings can keep growing even while you’re unable to work.