What’s income protection insurance?

Income protection insurance pays you a benefit if you’re not able to work for a time period due to illness or injury. This insures you for a set amount of income and will cover you until you are able to go back to work or for the agreed period — whichever is earlier.

 

Income protection insurance isn’t to be confused with redundancy insurance, which provides limited financial protection in the event of involuntary redundancy.  You can compare life insurance quotes with Iselect, an Australian company specialising in insurance.

 

A reasonably Significant amount insured — the amount of benefit you could assert

A reasonably brief waiting period — the time you wait until you can maintain after buying the coverage

A reasonably long benefit period (claim period) — the length of time you can continue to maintain benefits

A partial disability benefit

A continuing disability benefit

A specified injury or illness benefit

No exception on your preexisting conditions

An Inexpensive insurance premium

Since things like waiting periods and benefit periods vary so much from insurer to insurer, it is important to compare your choices inside the australian market.