Income protection insurance provides peace of mind, protecting your income in the unfortunate event that you become unable to work due to sickness or injury. The terms of your policy can be chosen to suit your individual circumstances, but most policies in Australia pay up to 75% of your gross salary and you are covered 7 days a week, anytime and anywhere in the world.
You can choose the duration of the benefit period, which can be anything from 2 years up to age 65 and you can also choose to be paid a lower monthly benefit should you not require the full 75%.
The price of the policy is dependent on a number of factors including the amount of your annual income, your age, gender and state of health, whether or not you smoke and what your occupation is. You can also choose a designated waiting period for the policy to start accruing the benefit which will also influence the cost of the policy.
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